India has no plans to regulate the sale and purchase of cryptocurrencies

The Indian government has not revealed any plans to regulate the sale and purchase of cryptocurrencies in the near future, while continuing to strengthen the regulation of cryptocurrency-related money laundering and terrorism financing. At the parliamentary meeting on August 5th, Pankaj Chaudhary, the Deputy Minister of Finance of India, answered several questions and detailed the country's current position on cryptocurrency regulation. Chaudhary stated that India has not conducted any research or investigation to understand the extent of its citizens' adoption of cryptocurrencies. He responded, "Cryptocurrencies or virtual digital assets (VDA) are not regulated in India, and the government will not collect data on these assets." Although India officially implemented a system for the transfer and taxation of cryptocurrency profits on April 1, 2022, the government has no plans to regulate the buying and selling of cryptocurrencies. Under India's cryptocurrency law, citizens need to pay 30% tax on unrealized cryptocurrency profits and 1% tax on source deduction tax (TDS).