The legislation will be based on international standards as the officials have vowed to partner with the Bank of International Settlements (BIS), the Financial Stability Board (FSB), and American and European watchdogs before officially introducing it.
This came as a surprise to the crypto community as Dr Doom is a longtime crypto skeptic who called Bitcoin “the mother of all bubbles.”
Income tax doesn’t apply when redeeming utility tokens, the crypto assets that give a particular right, such as access to a network or to receive a certain product.
Reports on the imposition of GST on cryptocurrencies have been doing the rounds ever since the government announced a flat 30% tax on income from cryptos and other virtual digital assets.
