Digital Assets - Special Tax Law for Cryptocurrency and Non-fungible Tokens

Digital Assets - Special Tax Law for Cryptocurrency and Non-fungible Tokens
India has become one of the largest markets for cryptocurrencies with Indians parking nearly USD 6.6 billion in cryptocurrencies until May this year, compared to USD 923 million until April 2020. India ranks 11 out of 154 nations in terms of cryptocurrency adoption, as per blockchain data firm Chainalysis. While this growth has given Indian cryptocurrency exchanges a reason to celebrate and attract global investors, the regulatory framework has remained unclear and ambiguous.

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