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"Cryptocurrency, Digital Tokens Should Be Considered As 'Capital Assets' For Income Tax Purposes": Industry Body CII
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ndtv.comCrypto or digital tokens should be treated as securities of a special class, said CII
Crypto or digital tokens should be treated as securities of a special class to which the provisions of existing securities regulations will not apply, and a new set of regulations appropriate to the context should be evolved and applied, CII said in a statement.
This would mean regulatory focus principally on dealings and custody, rather than on issuance (except where issuance entails an Initial Coin Offering (ICO) to the public by an issuer established in India), it said.
Centralised exchanges and custody providers that may be established in India, must be required to register with Sebi and to adhere to KYC and AML compliance requirements that apply to
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