The creation of a company to control compliance with the requirements and taxation standards was carried out in India due to the adoption in the state of a number of regulations that were aimed at profitability from the use of digital assets. Market participants use CoinTracker to create and approve work with coins and NFTs on different platforms and wallets.
It became possible to track the increase in capital and create reports, as well as collect analytics on the account online. This product was the first global process in four years.
India has approved a 30 percent tax on all returns from digital assets since the beginning of April. There are also fees of 1 percent on transactions that exceed Rs 100,000. The last collection will be active from the first of July.
The government is reviewing tax records for investing in cryptocurrencies. They will be sent to exchanges of foreign origin.
It became possible to track the increase in capital and create reports, as well as collect analytics on the account online. This product was the first global process in four years.
India has approved a 30 percent tax on all returns from digital assets since the beginning of April. There are also fees of 1 percent on transactions that exceed Rs 100,000. The last collection will be active from the first of July.
The government is reviewing tax records for investing in cryptocurrencies. They will be sent to exchanges of foreign origin.
Important news
G7 countries demand to adjust digital assets to banking standards
The G7 countries want to significantly increase control over cryptocurrency assets in the international arena and approve more regulatory requirements. This should eliminate financial stability risks. At the same time, the representatives recalled that they are still dealing with problems in the Terra system, and also that it is necessary to quickly create regulation for issuers.
Robinhood plans to compete with MetaMask
Robinhood has announced plans to introduce a standalone DeFi hot wallet. With its help, participants can implement transactions with digital currencies, as well as with non-fungible tokens. This version will be a standalone tool linked to the Robinhood marketplace and will have features similar to other hot wallets. Take MetaMask as an example.
Cryptocurrency turnover in Turkey is banned
Turkey has officially begun to suppress any attempts to turnover cryptocurrencies in the country. Representatives of the Central Bank of the state explained that such restrictions will be in effect until it becomes possible to control this industry, keep records of all funds.
The vector of development of the cryptocurrency industry in 2021
Global regulators have developed a great interest in what is happening in the cryptocurrency market. This year will not please all specialists who carry out activities related to digital currency. Legal regulation will be tightened around the world, and in the future, restrictions will only increase.