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India's 2022-23 and 2023-24 Budgets: Taxation and Anti-Money Laundering Measures for Crypto currency and Digital Assets

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India’s 2022-23 and 2023-24 Budgets: Taxation and Anti-Money Laundering Measures for Crypto currency and Digital Assets

The government has imposed anti-money laundering provisions on crypto currencies or virtual assets as it looks to tighten oversight of digital assets. The Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over
virtual digital assets, and participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset" will be now be covered by Prevention of Money-laundering Act, 2002.

camangal.com

In the Budget for 2022-23, she had brought a 30 per cent tax on income from transactions in such assets.

Also, to bring such assets under the tax net, she introduced a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Gifts in crypto and digital assets were also taxed.

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