Buzz on virtual assets: Crypto industry sees exits ahead of new tax regime

With new rules coming into force in April, several investors are booking profits, rejigging portfolios or moving their virtual assets outside of India

With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India.
 

Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction invol-ving crypto and other virtual assets.

The new tax regime also bars investors from offsetting losses from one