Business Standard

Crypto industry miffed by govt's position on barring tax deductions

Losses from one kind of VDA like cryptos and NFTs can't be set off against gains from another. Infra cost in mining such assets won't be allowed to be used for availing any deductions

Cryptocurrency
Premium

Deepsekhar Choudhury Bengaluru
Crypto players on Monday strongly reacted to the government’s position in the Lok Sabha that restricted ways for investors to avail deductions from trading in such virtual assets. This move will hurt the industry and incentivise users to look for underground platforms for trading, according to them.

“Not being able to offset the losses of one virtual digital asset with another will discourage a lot of investors as it increases their risk and decreases the end reward. This would disincentivize them from trading with Indian exchanges and deal only with foreign exchanges or decentralized exchanges,” said Bhagaban Behera, co-founder and

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 21 2022 | 8:15 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com