Positive development of taxation of digital assets; Signals Crypto Industry Recognition: Coinswitch Kuber
Finance Minister Nirmala Sitharaman announced on Tuesday that virtual assets will now be taxed at 30% on all income generated by them. Virtual digital assets, as they are called in the budget speech, will most likely cover assets such as non-fungible tokens (NFTs) and cryptocurrencies.
In an interview with CNBC-TV18, Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, said the taxation of digital assets is a positive development and signals that the government recognizes the crypto industry.
“The 30% tax is a positive development overall. It removes some ambiguity from the crypto space regarding the ban and signals that the government recognizes this industry.”
He said there was a 35% increase in new registrations after the budget.
“We have seen an increase of over 35% in signups over the last 2-3 days which is significant. It also shows that people see this as a good step for the industry. We still have to wait for the release of the Cryptocurrency Bill, but it is certainly a positive step in the right direction.”
Watch the video to learn more.