The summons requires M.Y. Safra Bank to submit information about taxpayers who failed to report and pay their taxes on crypto.
Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials.
“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh.
The Indian government said that it does not treat cryptocurrencies as illegal, clarifying that its transactions remain in a grey area.
The long debate in the country’s legislature could soon be over meaning cryptocurrency gains made in South Korea may not be considered taxable events until 2023 at the earliest.
Britain’s crypto exchanges will be levied with a 2% tax which is likely to be passed on to investors warned CryptoUK.