India Crypto Regulation Plans Hit New Roadblock

The Indian government has delayed its crypto regulation plans once again, with the Standing Committee on Finance cancelling a hearing scheduled for August 27. This decision leaves in place the current 30% tax and 1% Tax Deducted at Source (TDS) on digital assets, which affects over 100 million users in India.

The delay is due to differences between the Finance Ministry's Department of Economic Affairs and the Reserve Bank of India. The DEA was set to present its discussion paper on Virtual Digital Assets, but the session has now been rescheduled for other direct tax reforms.

This marks yet another setback in India's crypto regulation efforts, with the government struggling to find common ground with the RBI. As a result, traders and investors remain uncertain about their tax obligations and the future of digital assets in the country.