There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around USD 5.34 billion.
The clarification comes after reports stated that the GST Council is mulling to tax cryptos at 28%.
According to Mishra, who is also a former bureaucrat and has held key positions in the Indian Government including that of Steel Secretary and Secretary, Department of Personnel and Training (DoPT).
Proposes relaxation of penalty provision for claiming cess, surcharge as expenses
ICAI President Debashis Mitra on Tuesday said the institute is working on a research paper on cryptocurrencies, which is expected to be ready in one-and-a-half months.
All virtual digital assets (VDAs), which are commonly referred to as crypto or non-fungible tokens (NFTs), will have to put the disclaimer in a "prominent and unmissable" way.
RBI Governor Shaktikanta Das' comment comes a week after the Budget proposed a 30 per cent tax on virtual digital assets, thereby recognising cryptos.
In order to monitor all transactions happening in the crypto space, the government has also announced that all the crypto transactions will be taxed at 1 per cent as TDS.
Revenue Secretary Tarun Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
As the NFT ecosystem grows, new usage will come to the fore, and innovations in crypto and NFT will continue to shape the art industry’s future
The crypto crash came as the US Federal Reserve raised the possibility of boosting interest rates as soon as March and withdrawing stimulus from the market.
The Nifty and the Sensex topped 20% returns in 2021 and were among the best-performing assets aside from cryptocurrencies.
The government listed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Winter Session of Parliament.
The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 for tabling and passage in the session.
"What we need is a regulatory framework, ensuring transparency," Jalan told The New Indian Express. But without regulation, he believes it's better not to have cryptocurrencies at all.