While the Indian community awaits clarifications on taxes, Vivek Johri, Chairman, Central Board of Indirect Taxes and Custom, said in an interview that “when a person does a transaction on an exchange located abroad, he will have to pay GST in India on reverse charge basis.” On the other hand, for crypto exchanges and other crypto-related service providers, the GST is chargeable to their supply of service.
Securities and Exchange Commissioner, Hester Peirce aka Cryptomom, expects that the commission may not introduce direct crypto regulation this year. She also suggested that the SEC may regulate through enforcement this year in order to accommodate cryptocurrencies.
Thailand had plans to implement a 15% withholding tax on crypto profits, which will not go into effect because the proposition has received a negative response from the local traders and investors. Any profit derived from cryptocurrencies will not only incur a 15% tax on capital gains.
US lawmakers today have reintroduced a bill that would give some relief to retail investors. The proposed bill would exempt users from paying taxes on all crypto payments of less than $200.
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