Indian Crypto Exchanges Seek Tax Clarifications to Aid Seamless Operation |

Indian Crypto Exchanges Seek Tax Clarifications to Aid Seamless Operation |

Fresh off gaining their freedom to operate unencumbered, Indian cryptocurrency exchanges are seeking new tax guidance from the government. Earlier today, the India Times reported that several of the country’s notable crypto exchanges have written to the Reserve Bank to decry the state of tax guidelines for their space.

As the report explained, their letter pointed out that this regulatory obscurity has prevented commercial banks from serving crypto exchanges. Given that this was the entire point of seeking their freedom to operate in the first place, it seemed a tad counterproductive. 

The landmark case between top Indian crypto industry stakeholders and the Reserve Bank revolved around the subject of commercial banking servicing. As the Reserve Bank itself highlighted in an argument, it simply warned commercial banks of the dangers of dealing with crypto exchanges. 

Whether it was a warning or not, the lack of banking services stifled crypto exchanges’ operations for months. While they’re now free to operate once more, they explain that they still can’t access banking services due to the tax situation. The India Times added that the exchanges have written to the Indian High Court too. 

In particular, the exchanges are seeking clarification on the classification of their operations. Their inclusion in the country’s Goods and Services Tax (GST) regime will depend on whether they will be seen as dealing with goods, currencies, commodities, or services.

Praveenkumar Vijayakumar, the chief executive of crypto exchange Belfrics Global, stated: “If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority.” 

He explained that the ideal situation would be an exemption from the GST, as an imposition of this tax would render most exchanges insolvent sooner or later.

Sidharth Sogani, the head of crypto research firm Credbaco Global, also faulted the RBI for not releasing any notice directing banks to serve crypto exchanges after the Supreme Court’s landmark decision.

While their fight appears to be a valiant one, Indian exchanges might have to wait out another extended period before getting what they ask for. As we’ve seen with just about every country, developing tax guidelines and clearance for crypto exchanges is a Herculean task at best. 

Even in the United States, the Internal Revenue Service (IRS) developed tax guidance last year and had to make clarifications on several fronts. Definitions remained a tad murky, and experts faulted the IRS for lacking a fundamental understanding of several crucial crypto concepts.

Then, there’s the problem of clarifying what cryptocurrencies are. This has also proven to be a challenging task for financial regulators and policymakers. While some believe that commodities, others refer to digital assets as securities. The question of whether they can be termed “currencies” is yet another issue. The Reserve Bank’s perceived disdain for cryptocurrencies prefaces all of this.

Source: https://insidebitcoins.com/news/indian-crypto-exchanges-seek-tax-clarifications-to-aid-seamless-operation/259491

Source: zephyrnet.com

Author: Published 10 hours ago on May 5, 2020


Indian crypto businesses seek tax clarity from RBI

Indian crypto businesses seek tax clarity from RBI

The cryptocurrency exchanges in India have written to the central bank of India for seeking clarity on the tax front.

On March 4, 2020, the Supreme Court nullified the RBI’s ban on banks dealing with crypto businesses. However, the cryptocurrency businesses in India are still unable to gain a foothold as unclear directions continue to limit their banking interactions with tax reforms.

Thus, the exchanges have formally drafted a letter to the RBI asking why they are still being denied banking services despite the overruling of the ban order and the reason for lack of willingness to offer guidance and instructions from the regulator.

The cryptocurrency exchanges in India demand clarity on the classification of their business. Their categorisation under commodities, goods, and services or currencies will ultimately decide how they will be taxed under the new GST system.

Source: thepaypers.com


11 Exchanges to Buy Bitcoin in Switzerland (2020)

11 Exchanges to Buy Bitcoin in Switzerland (2020)

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.

You’ll need a Bitcoin wallet before you buy since some exchanges require one.

Don’t have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.

  • Popular Exchanges to Buy Bitcoin in Switzerland

  • Coinbase

    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • “Instant Buy” option available with debit card
  • Coinmama

    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
    • What cryptocurrency will become the main one in a year?
      BitcoinEthereum
    • eToro

      • Supports Bitcoin, Ethereum & 15 other coins
      • Start trading fast; high limits
      • Your capital is at risk.
      • We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

        Coinbase is the world’s largest Bitcoin (BTC) broker. They represent an easy and fast way for new users to purchase bitcoins. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), UK, Singapore, Canada, and Australia.

        Customers in the above-mentioned countries can purchase bitcoins by debit card, bank transfer, SEPA transfer, and more.

        We may receive compensation when you use Coinbase. Please visit Coinbase for its exact pricing terms.

        Pros

        • High liquidity and buying limits
        • Easy way for newcomers to get bitcoins
        • “Instant Buy” option available with debit card

        Ease of Use

        Easy

        Privacy

        Low

        Speed

        Average

        Fees

        Average

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

        Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

        Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

        We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.

        Pros

        • Works in almost all countries
        • Highest limits for buying bitcoins with a credit card
        • Reliable and trusted broker

        Cons

        • Some of the highest fees among credit/debit card bitcoin brokers

        Ease of Use

        Easy

        Privacy

        Low

        Speed

        Fast

        Fees

        Average

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        Bitpanda is a Bitcoin broker based in Europe.

        They have high payment limits and low fees across their wide range of payment methods.

        Bitpanda offers customers the option to buy bitcoins with credit card, debit card, SOFORT, Skrill, NETELLER, giropay, eps, SEPA, and Online Bank Transfer.

        Our guide will show you how to buy bitcoins with a credit card on Bitpanda.

        We may receive compensation when you use Bitpanda. Please visit Bitpanda for its exact pricing terms.

        Pros

        • Some of the lowest fees for buying bitcoins with credit/debit card
        • Reliable and trusted broker

        Cons

        • Fees aren’t shown openly on the site but instead included in the buying price

        Ease of Use

        Easy

        Privacy

        Low

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        Coinbase’s exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.

        We may receive compensation when you use Coinbase Pro. Please visit Coinbase Pro for its exact pricing terms.

        Pros

        • Some of the lowest fees available for US and EU customers
        • Possible to buy bitcoins for 0% fees

        Cons

        • User interface is confusing for first time buyers

        Ease of Use

        Hard

        Privacy

        Low

        Speed

        Average

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        CEX.io lets you buy bitcoin with a credit card, ACH bank transfer, SEPA transfer, cash, or AstroPay. Purchases made with a credit card give you access to your bitcoin immediately. CEX.io works in the United States, Europe, and certain countries in South America.

        We may receive compensation when you use CEX.io. Please visit CEX.io for its exact pricing terms.

        Pros

        • Support for many countries and regions
        • Low 0.2% trading fee
        • Established and trusted exchange

        Cons

        • Verification process is extensive, requiring much personal information (including a photo) and incurring a long delay
        • GBP market lacks liquidity

        Ease of Use

        Average

        Privacy

        Low

        Speed

        Average

        Fees

        Average

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin Read Review

        LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.

        Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

        We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

        Pros

        • Can be private, fast and easy
        • In-person trades require no personal information
        • Purchases of bitcoin can be made quickly via cash deposit

        Cons

        • Beware of scams; always follow the rules!
        • Harder to buy large amounts of bitcoins compared to large exchanges
        • Slightly to significantly higher prices than regular exchanges; premium for higher privacy

        Ease of Use

        Hard

        Privacy

        High

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin Read Review

        Founded mid-2011, Kraken is the one of the world’s largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.

        Pros

        • Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
        • Very low maker fee, falling to 0% with sufficient trading volume
        • Highly-rated for security and data protection

        Cons

        • Requires ID verification, so not private

        Ease of Use

        Hard

        Privacy

        Low

        Speed

        Average

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        Bitcoin.de is a major European peer-to-peer Bitcoin exchange. Users can buy bitcoin online from other Bitcoin.de users through SEPA bank transfers.

        Pros

        • One of the oldest and largest exchanges in Europe
        • Claims to have high security and regular audits

        Cons

        • Limited to SEPA as a payment method

        Ease of Use

        Hard

        Privacy

        Average

        Speed

        Average

        Fees

        High

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin Read Review

        Paymium was the first European Bitcoin exchange, founded in 2011. It provides a EUR/BTC exchange service, and complies with all relevent European Regulations. Customers can purchase bitcoins via SEPA, wire transfer, or credit card.

        Pros

        • Established and trusted exchange
        • Mobile app available

        Cons

        • ID verification required for amounts over €2,500, so not private

        Ease of Use

        Easy

        Privacy

        Low

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin

        Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.

        Pros

        • Easy to start buying bitcoins after mobile phone verification
        • Payment limit of up to €100,000 annually after intensive verification

        Cons

        • ID verification is required for most purchases, so not a private way to buy
        • Low annual limit of only €4,000 without intensive verification

        Ease of Use

        Average

        Privacy

        Low

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin

        BL3P is a product of Dutch Bitcoin broker Bitonic, which has been selling bitcoins since 2012. BL3P is available in all European countries. BL3P charges a fixed fee 0.25% per trade.

        Pros

        • Trusted and established Bitcoin company
        • Service in all European countries
        • Low fees

        Cons

        • Hard to use for inexperienced buyers

        Ease of Use

        Hard

        Privacy

        Low

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin

        BitStamp is one of the world’s largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.

        Pros

        • One of the longest-running Bitcoin exchanges
        • Very low 0.25% fee, falling to 0.1% with sufficient trading volume
        • Good range of deposit and withdrawal options
        • Deep liquidity promotes a price close to fair market rate
        • Offers wide range of altcoins

        Cons

        • Has been hacked before, users should not store funds on the exchange for any period of time
        • High 8% fee on small credit card purchases, falling to 5% with sufficient trading volume
        • Geared towards traders; slightly confusing for first time buyers

        Ease of Use

        Hard

        Privacy

        Low

        Speed

        Slow

        Fees

        Average

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin

        CoinCorner is a Bitcoin exchange based on the Isle of Man. They cater to first-time buyers in the UK, Europe, Canada, Australia, and certain African, Asian, and South American countries. CoinCorner users may purchase bitcoins with SEPA, credit/debit card, GBP bank transfer, and now Neteller too. No verification required for purchases under £100.

        We may receive compensation when you use CoinCorner. Please visit CoinCorner for its exact pricing terms.

        Pros

        • Trusted and regulated company in the UK
        • Wide range of payment options
        • Good customer support
        • Instant credit card purchases
        • Supports a very wide range of countries
        • Video tutorials covering the basics of Bitcoin and buying and selling
        • Multi-sig security features

        Cons

        • 1% trading fee slightly high by European standards
        • Offers a mobile wallet but this is not ideal for bitcoin storage
        • Requires ID verification, so not private
        • Does not provide exchange prices for comparison without sign-up

        Ease of Use

        Easy

        Privacy

        Low

        Speed

        Average

        Fees

        Average

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin

        You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

        Pros

        • Our map makes it super easy to find a Bitcoin ATM near you

        Cons

        • Bitcoin ATMs often have 5-10% fees per purchase

        Buy Bitcoin

        Bitit lets you purchase bitcoin online with a 3DS-enabled credit/debit cards or with cash via Neosurf, Flexepin (coming soon) and Cashlib vouchers, available in over 150,000 local stores across Europe.

        We may receive compensation when you use Bitit. Please visit Bitit for its exact pricing terms.

        Pros

        • Unique way of purchasing offers extra privacy over other methods
        • 8% Neosurf fee is slightly better than Coinhouse’s 10%
        • Available in 50 countries
        • €10,000 initial weekly Neosurf cash payment limit
        • Bitcoin gift cards also available; more expensive than other options

        Cons

        • In-person buying methods offer more privacy but can be confusing
        • Identity verification required for buying amounts over €25
        • €500 initial weekly credit/debit card limit

        Ease of Use

        Average

        Privacy

        Average

        Speed

        Fast

        Fees

        Average

        Reputation

        Trusted

        Limits

        Low

        Buy Bitcoin Read Review

        itBit is a global Bitcoin exchange, licensed with the New York State Department of Financial Services. It also operates a global OTC trading desk, making it easy for customers to buy large amounts (100 BTC and up) of bitcoin. It supports all US states besides Texas.

        Pros

        • OTC trading desk is one of the best ways to buy large amounts of bitcoins
        • Deep liquidity promotes a price close to fair market rate
        • Extremely low fees; 0% for market makers and 0.2% for market takers
        • Fee on OTC brokering service is only 0.1%

        Cons

        • Limited payment options
        • Geared towards traders; exchange interface may be confusing for first time buyers
        • Requires ID verification, so not private

        Ease of Use

        Hard

        Privacy

        Low

        Speed

        Average

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin Read Review

        Belgacoin is a Bitcoin broker based in Belgium. They accept payments via SEPA or international bank transfer. The service requires no verification or even registration, so it’s both convenient and anonymous (although bank transfers by their nature are not anonymous).

        Pros

        • Perhaps the easiest and most private way to buy bitcoins in Europe
        • Established and trusted brokerage that’s been around for a long time
        • Private method; no registration or verification required
        • Low 1% trading fee
        • Simple website and purchase process

        Cons

        • Can take up to 1 business day for order to be processed after confirmation of deposit

        Ease of Use

        Easy

        Privacy

        High

        Speed

        Average

        Fees

        Average

        Reputation

        Trusted

        Limits

        Average

        Buy Bitcoin

        Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.

        Pros

        • Easy and cheap way to buy bitcoins with cash
        • Private way to buy bitcoins, no personal information required beyond cellphone number

        Cons

        • Users in sparsely populated areas will have trouble finding sellers

        Ease of Use

        Average

        Privacy

        High

        Speed

        Fast

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin

        BitSquare is a decentralized Bitcoin exchange. They facilitate trade by escrowing bitcoins of both buyer and seller, to promote the successful conclusion of trades. It offers high privacy and security, and never controls its users funds.

        Pros

        • The exchange never has control of your money
        • Usually requires some bitcoin for escrow, so not an option for first-time buyers
        • Works over TOR for increased privacy
        • Very low 0.0008 BTC flat fee

        Cons

        • Currently low volume, so may be hard to purchase depending on buy amount or your location
        • 1 bitcoin trade limit, no limit on number of trades

        Ease of Use

        Average

        Privacy

        High

        Speed

        Average

        Fees

        Low

        Reputation

        Trusted

        Limits

        High

        Buy Bitcoin

        Buying Bitcoin in Switzerland is pretty easy thanks to the government’s crypto friendly attitude (more on that below).

        Popular exchanges

        Although Bitcoin’s blockchain is immutable and free from hackers, the centralized exchanges from which you buy Bitcoin – like Coinbase and Coinmama – are centralized, and vulnerable to attack.

        While you can probably get away with storing small amounts of Bitcoin on an exchange, it’s not a good idea, especially with larger amounts.

        Protecting your Bitcoin should be a top priority, which begins with a secure form of cold storage that hackers can’t access.

        From there, choose an exchange, verify your identity, connect your payment method, and trade away!

        If you want to buy from an exchange based in Switzerland, we recommend Bity. They’re a Bitcoin ATM company based in Switzerland, with 5 ATMs that provide quick withdrawals and high limits.

        Switzerland’s banking industry is known to safeguard wealth, which is why Bitcoin is a natural fit for the country.

        Founded recently with a universal banking license, SEBA Bank AG{: target=”_blank”} has a plethora of services, from fiat currency storage to crypto custody (they manage your cryptocurrency).

        The Swiss startup can hold a bunch of different fiat currencies, such as American dollars, Singaporean dollars, and Hong Kong dollars.

        One of the coolest things about the bank is their crypto connected debit card that automatically transfers crypto on the backend to traditional currency. The card can be used in regular commercial settings, withdrawing from a cryptocurrency balance.

        SEBA Bank AG is yet another testament to Switzerland’s historical safeguarding of wealth, this time in the crypto sphere.

        Mining Bitcoin in Switzerland is far from a good idea if you just want to acquire Bitcoin. Profitable Bitcoin mining seems like a thing of the past, at least for those just getting started.

        The cost of purchasing expensive hardware aside, mining takes time and energy (literally) which gets expensive.

        Especially considering the price of electricity in Switzerland, buying Bitcoin from one of the exchanges listed above is your best bet.

        Swiss citizens pay roughly 0.20 Franks per kWh, nearly double the cost of electricity in the United States, where mining is also not profitable.

        But if you have your heart set on mining, feel free to use our mining profitability calculator to determine what your margins will be.

        Source: www.buybitcoinworldwide.com


        Top 3 Cryptocurrency & Blockchain Startup Ideas

        Top 3 Cryptocurrency & Blockchain Startup Ideas

        Sasha Ortiz

        Do you want to start a business in the blockchain industry? If yes, here are Top 3best blockchain-related business ideas & opportunities for 2020.

        Cryptocurrency Exchanges:

        The cryptocurrency exchange is a popular business in recent days. A cryptocurrency exchange is a platform where crypto enthusiasts and users can exchange, sell, and buy any digital assets. In the exchange time (Fiat to crypto/crypto to crypto) the exchange owner gets a small amount on a commission basis. In cryptocurrency exchange, you earn money not only in crypto trading, you able to earn crypto some other different ways like

        • IEO
        • Margin Trading
        • Multilateral trading facility
        • Backend/infrastructure via API access
        • Token Listing fees.

        If you are interested in starting a cryptocurrency exchange business, get the best cryptocurrency exchange script to start your exchange business successfully.

        Sell Goods for Cryptocurrency:

        Do you already have a business? Then start accepting the cryptocurrency payment method. By adding the cryptocurrency methods in your business. You will get more customers & you easily generate more revenue.

        If you’re running an e-commerce website, enable the crypto payment method. so you can easily attract a lot of customers. also, you easily make it an e-commerce site as a brand like Amazon. In amazon, There is a specific website called purse.io, which is used to purchase amazon products and pay via bitcoin at a discount price.

        Become a Crypto Writer:

        if you are expertise in Cryptocurrencies and blockchain technology. Surely you can earn money in the form of bitcoin.

        The Crypto industry is updated day by day. so more news & crypto websites are focusing on crypto-journalism. If you have good writing skills, you can submit your high quality and plagiarism free crypto article and blogs on websites.

        Here some of the list of sites:

        • Upwork
        • CCN
        • Freelancer

        Final Words

        Blockchain is an emerging technology, and experts believed that they are going to grow and become more popular in the coming years. By considering various blockchain business opportunities that are at your disposal.

        Do you want to earn free bitcoins? Refer to this guide.

        Source: medium.com

        Author: Sasha Ortiz


        Indian Crypto Exchanges Seek Tax Clarifications to Aid Seamless Operation |

        Previous
        Cryptocurrency exchangesIndia: Cryptocurrency Exchanges Knock RBI Doors Demanding Tax Clarity
        Next
        Cryptocurrency exchangesBitcoin exchange service
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.

GO TO REVAIN