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Crypto Management Consultancy

What is crypto currency? How blockchain technology may help ones business? May one bring ones current business to an ICO and offer something unique to the industry? How can one implement smart contracts within the company operations?

Above mentioned questions are being asked more often last months by representatives of completely different industries. Most entrepreneurs feel, that blockchain may resolve their industries crucial security and reliability issues, however it is hard to receive a fundamental consulting on the matter.

Specialists from Elliott India are ready to offer high quality consulting and advising on the blockchain and crypto currency exchange industries. You may always reach our assistants, and they will pick the best solution for you!

Regulations of crypto currencies

Today there is no common directive or any international legislative basis that could give an exact understanding how the crypto currency industry should be regulated, however there are certain trends in the regions that are worth to be mentioned:

  • Countries of the South American region are not supporting the crypto currency industry and they have rather unfavorable climate for blockchain projects;
  • USA, Canada and Japan – all three countries have favorable legislation;
  • Sweden considers crypto currency as a traditional fiat currency;
  • Legislation of China allows only private individuals to hold and use bitcoins

Elliott India specialists make a thorough analysis of every project and pick up the best jurisdiction that fit most the need of the client.

Taxation of Crypto Currencies Transactions

Latest updates – Clarification on proposed Section 115BBH in Budget 2022
1. Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency.
2. Infrastructure cost incurred on mining crypto assets will not be treated as cost of acquisition.

Union Budget 2022 Outcome:
1. Income from transfer of virtual digital assets such as crypto, NFTs will be taxed at 30%.
2. No deduction, except the cost of acquisition, will be allowed while reporting income from transfer of digital assets.
3. Loss from digital assets cannot be set-off against any other income.
4. Gifting of digital assets will attract tax in the hands of receiver. Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency.