90,000+ Legal Questions Answered
Crypto business
4 months ago
Can Start a Crypto investment business and paste my business posters in my city.i want to advertise my business by pasting poster everywhere in my city. Can I do it
Vidhikarya
A.Dear Client,
Trading with cryptocurrency is legal in India but it is not considered as a legal tender. Further, the RBI classifies cryptocurrencies as 'virtual digital assets' (VDAs) and is thus taxable. In India, cryptocurrency companies are not explicitly prohibited, so in case you want to advertise your business, you should abide by all the statutory mandates to obtain a trade license and get the approval of the concerned local Municipal Corporation for the same. If required, you can consult an advocate for advice and assistance in the matter.
Hope it helps.
Thank you.
Trading with cryptocurrency is legal in India but it is not considered as a legal tender. Further, the RBI classifies cryptocurrencies as 'virtual digital assets' (VDAs) and is thus taxable. In India, cryptocurrency companies are not explicitly prohibited, so in case you want to advertise your business, you should abide by all the statutory mandates to obtain a trade license and get the approval of the concerned local Municipal Corporation for the same. If required, you can consult an advocate for advice and assistance in the matter.
Hope it helps.
Thank you.
Helpful
Helpful
Share
A.Dear Client,
There are no rules and regulations or any guidelines laid down for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors' risk. While the legal standing of cryptocurrencies in India remains uncertain, it’s important to note that Crypto companies are not explicitly prohibited in India. To operate a, potential cryptocurrency firm in India one must navigate a series of steps. This includes securing approvals from various government authorities that include registration under the Companies Act,2013, to obtain PAN & TAN from the Income Tax authority, and obtain a GSTIN. To take Virtual Digital Assets or Crypto service providers the Financial Intelligence Unit (FIU) registration in India. Legal Entity Identifier registration with the Reserve Bank of India is required to be taken in case, all single payment transactions of INR 50 crore & above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information. Compliance, under the Prevention of Money Laundering Act,(PMLA), to register with the Financial Intelligence Unit (FIU), It is feasible to establish virtual currency exchanges in India after getting a crypto license, but these entities must publish information about their earnings and losses. The gains from trading cryptocurrencies are subject to tax at 30% (plus 4% cess) as per section 115BBH. The tax Deducted at the Source rate for crypto is set at 1%. Starting from July 01, 2022, the buyer will be responsible for deducting TDS at the 1% rate while making payment to the seller for the transfer of Crypto/NFT. Any transfer of crypto assets on or after 1 July 2022 for an amount of INR 50,000 or INR 10,000 in some cases is subject to a Tax Deducted at Source at 1% U/s194S of Income Tax Act, 1961. Crypto Exchanges, registered as FIU registration in India, shall be considered for dealing in cryptocurrency, and some of them are CoinX, Unocoin, Bitbns, Zebpay, WazirX, Coinswitch, CoinswitchX and Rario. For advertisement of cryptocurrency business in a place you have to apply for a trade license and permission from the local Municipal Corporation post compliance with all the aforementioned statutory formalities.
There are no rules and regulations or any guidelines laid down for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors' risk. While the legal standing of cryptocurrencies in India remains uncertain, it’s important to note that Crypto companies are not explicitly prohibited in India. To operate a, potential cryptocurrency firm in India one must navigate a series of steps. This includes securing approvals from various government authorities that include registration under the Companies Act,2013, to obtain PAN & TAN from the Income Tax authority, and obtain a GSTIN. To take Virtual Digital Assets or Crypto service providers the Financial Intelligence Unit (FIU) registration in India. Legal Entity Identifier registration with the Reserve Bank of India is required to be taken in case, all single payment transactions of INR 50 crore & above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information. Compliance, under the Prevention of Money Laundering Act,(PMLA), to register with the Financial Intelligence Unit (FIU), It is feasible to establish virtual currency exchanges in India after getting a crypto license, but these entities must publish information about their earnings and losses. The gains from trading cryptocurrencies are subject to tax at 30% (plus 4% cess) as per section 115BBH. The tax Deducted at the Source rate for crypto is set at 1%. Starting from July 01, 2022, the buyer will be responsible for deducting TDS at the 1% rate while making payment to the seller for the transfer of Crypto/NFT. Any transfer of crypto assets on or after 1 July 2022 for an amount of INR 50,000 or INR 10,000 in some cases is subject to a Tax Deducted at Source at 1% U/s194S of Income Tax Act, 1961. Crypto Exchanges, registered as FIU registration in India, shall be considered for dealing in cryptocurrency, and some of them are CoinX, Unocoin, Bitbns, Zebpay, WazirX, Coinswitch, CoinswitchX and Rario. For advertisement of cryptocurrency business in a place you have to apply for a trade license and permission from the local Municipal Corporation post compliance with all the aforementioned statutory formalities.
Helpful
Helpful
Share
Read Related Answers
Cyber - blackmail from escort
Dear Client,
Section 308 of BNS deals with blackmailing and extortion, which is a criminal offence in India. If someone is blackmailing you in India, you can report it to the police and get an FIR lod...
society charging high fines for late or non payment of maintenance
Dear Client,
You need to go through the provisions of the Byelaws of the Society that govern the activities of a registered society. You also need to find the minute book or resolution files of the So...
EMI not able to pay
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whethe...
Love marriage Delivery ofter
Dear Client,
Under section 9 of the Hindu Marriage Act, any spouse can file a petition before a district court for the restitution of Conjugal Rights. This remedy can be sought by either the husband...
Online telegram fraud
Dear Sir,
You just persuade the cyber police to investigate and get the justice done to you otherwise no body will help you.
Read Blogs on Advertising
Find Lawyers by Location
