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Virtual Digital Assets

  Mar 21, 2022

Virtual Digital Assets

Q What is the context  ?

A Finance Minister in her Budget 2022 announced a 30 per cent tax on income from virtual digital assets (particularly aiming at Cryptocurrencies).

Q What are Virtual Digital Assets?

  1. Generated through cryptographic means or otherwise
  2. Providing a digital representation of value that is exchanged with or without consideration with the promise or representation of having inherent value
  3. Functions as a store of value or a unit of account and includes its use in any financial transaction or investment, but not limited to, investment schemes
  4. Can be transferred, stored, or traded electronically.

Q Why tax them?

Q What are Key takeaways from the FM’s speech ?