What happens next?

[Bureau]

They first did a shadow ban. We, as in the community took it to the Supreme Court and got justice. Next, they were confused as to how to stop us!

They came up with a crypto tax as we all know. It did gave us a jolt that made some of us leave. Later we got more clarity on tax because of @webtricks. Two topics that gave us a clarification on the tax law.

1. TDS on Cryptocurrencies [Explained]
2. Tax on Crypto Trading as per New Tax Law - Explained

What do you think will be the next move? Will it be a new tax law to suck the blood out of us or will be it against the local exchanges & international exchanges. If you have anything on your mind then go on and reply.

 

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[IIrik11]

next they try to collect information of people who buy/sell crypto from exchanges/p2p.

and go after the big ones first and arrest a few..

and charge them with money laundering or drugs or terrorism etc.

u know just to put a fear into them to try and stop them from any and all of it..

and then i don't know.. but probably something along those lines..

because, i think this tax stuff, won't work much.

[pakhitheboss]

next they try to collect information of people who buy/sell crypto from exchanges/p2p.

They already have accomplished that with KYC on all centralized exchanges based locally and internationally.

and go after the big ones first and arrest a few..

and charge them with money laundering or drugs or terrorism etc.

This is on the horizon! Most probably we will hear such news after July of this year.

What do you think will be the next move? Will it be a new tax law to suck the blood out of us or will be it against the local exchanges & international exchanges. If you have anything on your mind then go on and reply.

This year and the next we won't see anything happening. By end of this year, G20 might release a paper on how to tackle and control the crypto space. Since we are in India we can expect some of those recommendations to be added to the existing law by 2025 or later. 

[cafter]

overall, the taxation of cryptocurrencies in our country is still in a developing area, and the regulations are subject to change.
it is important to stay updated on the latest developments and consult with a tax professional (if you have enough money in crypto) or financial advisor to ensure consent with the laws and regulations.(like following the rules set by the government and getting permission before doing anything that may be regulated)

[elevates]

Nothing will happen well that I am sure about. Most probably your earnings through Bounties, freelancing, and others that are not part of trading might incur a 30% tax. I also expect after 2023 there will be a separate department that will only monitor crypto. I also expect many strict laws for those who are not paying TDS. I am also expecting stringent actions who are caught evading tax. The list continues as it is not looking good now.

My advice to you is to have patience and wait. Do not jump to any conclusion now. The more you think about the future the more you will be depressed.

[pawanjain]

As they have already mentioned in the G20 meet that there will be policies created by the G20 countries for cryptocurrency regulations.
These policies will be adopted by all the G20 countries so that they come to the same point for regulating cryptocurrencies.
The policies are still not announced as such but I guess with this move we can see uniform laws for cryptocurrencies in major countries.
We do not have any dates on this too and so we will just have to wait for the time being with a hope that the G20 policies favors crypto users.

Well, this might be a positive move for crypto regulation but taxation in India is still hefty and no changes to that are announced as of yet.
30% flat tax on any kind of crypto income with an addition of 1% TDS on crypto transactions are applicable for Indian crypto users.

[webtricks]

They first did a shadow ban. We, as in the community took it to the Supreme Court and got justice. Next, they were confused as to how to stop us!

They came up with a crypto tax as we all know. It did gave us a jolt that made some of us leave. Later we got more clarity on tax because of @webtricks. Two topics that gave us a clarification on the tax law.

1. TDS on Cryptocurrencies [Explained]
2. Tax on Crypto Trading as per New Tax Law - Explained

What do you think will be the next move? Will it be a new tax law to suck the blood out of us or will be it against the local exchanges & international exchanges. If you have anything on your mind then go on and reply.

I don't think that the government is in hurry to ban or regulate cryptocurrencies anymore. By bringing the crypto trading under the harsh taxation rules last year, they have already curbed the Indian crypto market effectively. I haven't read the state of affairs of the Indian Exchanges for the financial year 2022-23 but I'm not very optimistic. I am estimating a drop of 80% in trading activity in comparison to FY 2021-22.

If you hear the recent statements from the government ministers and officials, you will notice that the narrative has changed. Till 2021, the government was proactive in banning or controlling the crypto. But since last year, you will see that they are deviating the topic by citing the need of international collaboration due to the possibility of regulatory arbitrage. They know that the market is effectively dead by their absurd tax rates and TDS requirements that they don't have to do anything proactively anymore. Cryptocurrency Bill which was listed under the agenda for Parliament in 2021 is no more on the schedules this year.

[teosanru]

They first did a shadow ban. We, as in the community took it to the Supreme Court and got justice. Next, they were confused as to how to stop us!

They came up with a crypto tax as we all know. It did gave us a jolt that made some of us leave. Later we got more clarity on tax because of @webtricks. Two topics that gave us a clarification on the tax law.

1. TDS on Cryptocurrencies [Explained]
2. Tax on Crypto Trading as per New Tax Law - Explained

What do you think will be the next move? Will it be a new tax law to suck the blood out of us or will be it against the local exchanges & international exchanges. If you have anything on your mind then go on and reply.

 

They are already doing their next move. They are talking about this issue in international forums like G20 and other international conferences and making sure to create a unanimous opinion about Cryptocurrencies among major developed and developing economies because only this will allow them to actually execute a complete ban on cryptos otherwise the ban would just be on paper and not in reality.

[amishmanish]

and go after the big ones first and arrest a few..

and charge them with money laundering or drugs or terrorism etc.

This is on the horizon! Most probably we will hear such news after July of this year.

If this happens, i think it will mostly be because of the scams that have been going on unabated in the name if crypto-investments. Who knows how many people lost money in the crypto MLMs and token scams where actual salesmen were selling tokens to uninformed residents of tier-2 and tier-3 indian cities. It will be nearly impossible to nail the actual culprits I guess and the P2P traders would probably be the first ones to go.

It is a sad state of things really and this is a problem that governments all over the world would probably be grappling with. In a country like ours, the sheer size of population and aspirational behavior (greed?!) of its people makes the problem multiply manifold. If and when this purge happens, its going to be a major case of throwing the baby out with the bathwater.