Zee Exclusive: How will tax on virtual digital asset impact Crypto investors? CoinSwitch CEO answers

For the taxation of virtual digital assets, FM Sitharaman proposed to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent.

New Delhi: Announcing the Union Budget 2022, Finance Minister Nirmala Sitharaman proposed a flat 30 percent taxation on income from crypto and digital assets.

In her Budget speech on February 1, Sitharaman said, "There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent." 

Ashish Singhal, Co-chair Blockchain and Crypto Assets Council (BACC), Founder and CEO, CoinSwitch in an exclusive interview with Reema Sharma of Zee Media shared his views on tax on VDA and the future of cryptos in the country.