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Top 5 Crypto News – Will Indian Crypto Investors Have to Pay A 42% Income Tax On Their Crypto Assets?

Top 5 Crypto News – Will Indian Crypto Investors Have to Pay A 42% Income Tax On Their Crypto Assets?

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

Table of Contents

Amid Robinhood Listing Rumours, Ethereum Whale Purchases 58.9 Million SHIB 

An Ethereum whale with over $3.7 million in assets in its wallet, purchases the meme-inspired cryptocurrency Shiba Inu (SHIB), only days after a popular business account on social media claimed Robinhood will sell SHIB “as early as February.”

According to WhaleStats, the Ethereum whale purchased 58.9 million SHIB, which was then valued at about $1.9 million, when the meme-inspired cryptocurrency’s price skyrocketed on the Robinhood listing reports.

SHIB is the whale’s largest holding, followed by the popular USDC stablecoin and Ethereum’s ETHER. Its second-largest holding is in Crypto.com’s CRO, which it holds for $358,000, followed by The Sandbox (SAND), which it owns for $96,000. The whale keeps tokenized copies of BTC and ETH on the Binance Smart Chain.

Tesla Seems To Be Exploring A Dogecoin Payment Option

Tesla is experimenting with a Dogecoin (DOGE) payment option.

According to a software programmer dubbed “Tree of Alpha” on Twitter, it implemented the DOGE payment option for testing roughly three days ago. As a consequence of the engineer’s analysis of Tesla’s source code, the business is closely trying DOGE.

To put it another way, the ability to pay with Dogecoin is currently a “hidden feature” that most people are unaware of.

Elon Musk, the company’s CEO, is a significant fan of Dogecoin. As a result, the Doge’s action comes as no surprise.

This Year, Spain Will Ensure 100 Bitcoin ATMs

Bitnovo, one of the foremost Spanish Bitcoin payment systems, has joined up with Eurocoin, Europe’s leading supplier of electrical components, to install 100 Bitcoin ATMs by 2022 in Spain.

Regarding the number of Bitcoin ATMs, Spain is first in Europe. The additional installations would be ranked third globally (behind only the U.S. and Canada).

In addition to Bitcoin, the ATMs that have yet to be deployed will handle Ethereum (ETH), Tether (USDT), and Monero (XMR).

Eurocoin Group was created in 1973 and currently has operations in six European nations.

Most agreements are described as a ‘strategic move’ into the cryptocurrency industry by CEOFernando Dumont. Cryptocurrencies, he says, will coexist alongside conventional payment methods. 

Mike Tyson Is Going “All In” on Solana

Mike Tyson, the former heavyweight champion boxer, recently tweeted about going “all-in” on Solana, one of the most prominent “Ethereum killers.”

The famed boxer also included a non-fungible token (NFT) called Catalina Whale; which was created on top of the Solana blockchain.

Tyson also began advocating Dream (DREAM), a questionable ERC-20 token; stating that it could “revolutionize” the sector and assist the community in dealing with mental health concerns.

In September, “Iron Mike” requested Twitter to determine if he should invest in Ethereum or Solana. In June, he addressed the same question to his five million followers regarding Bitcoin and Ethereum.

After collaborating with design firm 1ofone, the boxer debuted his first NFT line in July, and it was released in August.

In 2016, the former boxing champion also released a Bitcoin wallet collaborating with Bitcoin Direct.

Will Indian Crypto Investors Have to Pay A 42% Income Tax On Their Crypto Assets?

In India, 2021 passed without the cryptocurrency regulatory bill that many crypto investors had hoped for. However, this does not imply that the government’s efforts to control the business have been abandoned.

Indeed, Indian media outlets are buzzing with rumours of new crypto regulations and institutional changes.

According to the Economic Times of India, there is a chance that crypto assets would be taxed. Furthermore, the country’s approaching Budget in February might be the occasion to announce these new regulations.

The Economic Times focuses on the issue of taxation of cryptocurrency returns as corporate income; which would imply investors would have to pay more. But on the brighter side; this surely suggests that the Indian government is soon going to regulate crypto investments and will consider crypto taxation.

The Indian government, according to the news outlet, was contacting specialists on the subject. If the notion is adopted, investors may be liable to pay income tax ranging from 35% to 42% on their cryptocurrency gains.

Following that, there remained the issue of handling trade currencies or tokens given to these firms’ employees. According to the Economic Times, these assets might be taxed in the future.

Other shifts, however, are occurring in the Indian crypto economy. The Reserve Bank of India (RBI) has unveiled plans for its fintech section in an internal circular. Furthermore, work on a CBDC or two in India is proceeding.

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