Are crypto trading legal in India? Is Cryptocurrency Legal in India? Taxing cryptocurrencies does not give them legal status in the country, finance minister Nirmala Sitharaman clarified in the Parliament. It’s the country’s sovereign right to tax cryptocurrency transactions.
Is selling crypto illegal in India? It’s not illegal to buy and sell crypto,” finance secretary T V Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions,” he added.
Is crypto taxable in India? From being called speculative products to ‘virtual digital assets’ (VDAs), cryptocurrencies have come a long way. From April 1, India introduced a tax on all VDAs. The law states that any income earned from the transfer of digital assets would be taxed at 30 per cent with no deductions or exemptions.
Is WazirX legal? However, it doesn’t mean that you can’t trade in cryptocurrencies legally. Exchanges like WazirX operate on self-imposed regulations, where one is held to the same standards as a traditional exchange.