1 August 2026
Indian Cryptocurrency Exchanges Are Asking For Tax Clarity From RBI
The supreme court of India has passed the statement in favor of Cryptocurrency exchanges back in March. Indian cryptocurrency exchanges that share cryptocurrency live charts demand clarity regarding tax from RBI.
The cryptocurrency trading boosted in India after RBI’s ruling get abolished. Last month, Nischal Shetty, the CEO of WazirX that is now acquired by Binance tweeted that Facebook's investment in Jio will be beneficial for the crypto industry in India.
Although the country is supporting cryptocurrency but the crypto businesses in India are still not able to develop their proper base and unclear tax guidelines limit the banking interactions of these businesses.
According to the ET report, the exchanges have written a letter to the RBI to gain transparency. The letter asks why exchanges are still being denied banking services despite the overruling of the ban order and the reason for lack of willingness to offer guidance and instructions from the regulator.
The cryptocurrency exchanges in India want clarity for their businesses. Once they get categorized under commodities, goods, and services or currencies they can know how they will be taxed under the new GST system.
As per Praveenkumar Vijayakumar, the CEO of a digital assets platform called Belfrics Global stated that if digital currencies are excluded from GST it could lead to deadlock situations between the tax officials and the cryptocurrency exchanges in India.
Vijayakumar further added that RBI needs to understand if they expect crypto businesses to pay GST the most of them wouldn’t be able to survive. As a result, there is a need to know Bitcoin and other cryptocurrencies are taxed under GST so that we can have some clarity on where our businesses are headed.
Explore related on CoinsCapture
Topics
Discussion
0 comments