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As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.
According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.
If crypto is regulated, what do you think I should do (given the constraints)
1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card
I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.
The only thing I am worried about being wrongly classified as holding black money.
RBI is pulling banking suppprt only, they are not banning crypto. So money earned from crypto will not be classified as black money. Whenever you'll change your crypto to fiat, there will a record of somekind, so you need not worry about it. Just pay the taxes as per your salary/income slab when you encash them.