Tax laws

The best cryptocurrencies are trading today; Parliament Passes Tough Crypto Tax Laws

Business

oi-Roshni Agarwal

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The major cryptocurrencies in trade today (March 25, 2022) at the time of writing were trading in a mixed fashion. Bitcoin, the largest m-cap crypto, rose almost 1% to $44,301, while Ether also traded 0.7% to $3,132.

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The best cryptocurrencies are trading today; Parliament Passes Tough Crypto Tax Laws

Among the top 20 cryptos compiled by Coindesk, which constitute approximately 99% of the market by volume on eight of the largest and most trusted exchanges, traded weakly. For example, Cardano fell the most by over 6%, followed by Dogecoin, Chainlink, and Avalanche which lost over 2% each. Similarly, Solana, Ripple, Terra, Shiba Inu, Polygon, Cosmos traded at a discount of over 1% each. Nonetheless, Algorand traded with the most gains of over 7%.

According to the Coindesk report, Bitcoin surged above $44,000 on unconfirmed news that suggests a foundation focused on UST, the world’s fourth-largest stablecoin, is hoarding bitcoins as a reserve asset.

There are reports that the Singapore-based non-profit organization Luna Foundation Guard (LFG) purchased $125 million worth of bitcoin earlier this week and delivered on its promise to accumulate bitcoins as an additional layer of security for UST-Terra’s decentralized dollar-pegged stablecoin.

Parliament Passed Tough Crypto Tax Laws in India

Parliament today passed a tough crypto tax law that will see capital gains tax at the rate of 30% payable on crypto transactions. Apart from this, investors who buy and sell crypto will have to pay 1% TDS as well as tax on crypto gifts, without the possibility of a deduction against losses. The crypto taxes will come into effect on April 1, while the TDS will become applicable from July 1.

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Article first published: Friday, March 25, 2022, 10:01 p.m. [IST]