Mumbai (Maharashtra) [India], May 10 (ANI): India’s largest crypto company CoinDCX on Tuesday launched a new entity CoinDCX Ventures to fund early-stage crypto and blockchain start-ups. CoinDCX Ventures will serve to grow and strengthen the Web3 ecosystem in India and globally, CoinDCX said in a statement.

The company said the new initiative is aimed at bolstering India’s digital asset ecosystem and accelerating the transformation of India’s digital economy. “CoinDCX Ventures marks yet another great milestone in the company’s already phenomenal 2022. This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation,” said Sumit Gupta, CEO and Co-Founder, CoinDCX.

“Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology,” Gupta added.

With its deep understanding of the market, CoinDCX Ventures is uniquely positioned to offer portfolio companies with the insights, resources, and guidance to grow alongside India’s rapidly growing digital asset industry. Working closely with its portfolio companies, CoinDCX Ventures will help them with access to exchange infrastructure, access to leading crypto experts, help with growth strategies and distribution, helping build community and connects with key influencers, act as a connector between companies and the large and growing web3 dev community, make available best practices in HR and also, it’s legal and compliance engines as and when required, CoinDCX said. (ANI)

Cryptocurrencies may be taxed at par with lotteries, casinos

New Delhi [India], May 10 (ANI): The government is considering to tax cryptocurrencies, like Bitcoin, at par with casinos, lotteries, betting and racecourses, sources said. The highest decision-making body on indirect taxes, the Goods and Services Tax (GST) Council, is considering levying 28 per cent GST on cryptocurrencies.

According to a media report, the GST Council is likely to discuss the proposal to tax cryptocurrencies in the upcoming meeting. The date for the meeting is not yet finalized. The proposed 28 per cent GST will be in addition to the 30 per cent income tax on earnings from crypto-asset transactions.

In the Union Budget 2022-23 Finance Minister Nirmala Sitharaman proposed to impose 30 per cent tax on income arising from the transfer of virtual digital assets. The new rules came into effect on April 1. As per the new rules, gains from all virtual digital assets including cryptocurrencies will be taxable at 30 per cent.

Gains from virtual digital assets including cryptocurrencies are taxable even if a taxpayer’s total income is below the threshold limit of Rs 2.5 lakh. Imposing 28 per cent GST will make cryptocurrencies heavily taxed. This will bring cryptocurrencies at par with casinos, betting and lottery as far as the level of taxation is concerned. (ANI)