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Sunday, July 3, 2022

Tax on profits from cryptocurrency is now very high. Is that a good thing, a bad thing, or nothing?

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Synopsis

If one is to believe the news, then people who are involved with crypto trading in any way, are actually happy with the announcement.


The Union Budget has imposed a fairly high tax on profits derived from the sale of what it calls ‘Virtual Digital Assets’, but if the chatter has to be believed then the crypto people have reacted positively to this. The definition of Virtual Digital Assets is broad enough to sweep up all cryptocurrencies and NFTs and perhaps in-game assets as well. The structure of the tax is identical to that on gambling and lottery winnings. Not only is that

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