India Consider 18 Percent CryptoTax
Bloomberg sources reported that India is working on proposals to make cryptocurrency transactions subject to goods and services tax (GST). This is an 18 percent tax.
India has so far refrained from issuing regulations on cryptocurrency. If the taxation rule goes ahead, it would signal a move towards legitimacy of the industry in the continued absence of hard-and-fast legislation. We see India and New York state beginning to take a serious approach to regulating cryptocurrencies as a positive sign for wider long-term industry adoption.
New York State Votes to Move Forward with Digital Currency Task Force
The banks committee of the New York state legislature voted on Wednesday, May 30 to progress a bill that would create a digital currency task force. The task force would study the potential effects of the implementation of cryptocurrencies on financial markets in the state of New York.
According to the legislation, the report would study the impact of regulations on the development of digital currencies and blockchain industries within the state, the use of cryptocurrencies’ effect on local tax receipts, and the transparency of the digital currency marketplace. The theme of 2018 in the crypto industry continues to be focused on regulations. We are watching for further developments here closely.
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