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The Standing Committee on Finance of the Indian Parliament is scheduled to testify on virtual digital assets by the Ministry of Economic Affairs on September 16th. Currently, cryptocurrencies are not considered legal tender in India, and investment income is taxed at a rate of 30% and subject to a 1% source tax deduction. As of mid-2026, 54 virtual digital asset service providers have registered with financial intelligence agencies, including CoinDCX, CoinSwitch, Binance, Coinbase, etc. Approximately 91.5% of India's cryptocurrency trading volume flows to offshore platforms. The committee has heard the opinions of the Reserve Bank of India and the Institute of Chartered Accountants of India. (Source: The Crypto Times)