India monitoring evolving crypto trading to ensure tax compliance, top tax official says
NEW DELHI, Feb 5 (Reuters) – India is talking to cryptocurrency exchanges to assess evolving trading activity as it seeks oversight over newer crypto products, according to a top tax official.
India does not regulate cryptocurrencies, but global crypto exchanges such as Binance, Coin DCX, Coinbase and Zebpay operate in the country after registering with a government agency.
Asia’s third-largest economy has imposed punitive taxes on gains from cryptocurrencies and the local central bank has repeatedly cautioned against the risks from crypto trading.
“Every day the profile of (cryptocurrency) transactions is changing. We need to understand new type and pattern of transactions as the technology evolves,” Ravi Agrawal, chairman of Central…
