India's Ministry of Finance Holds Hearing on Cryptocurrency Bill on September 16

The Finance Standing Committee of the Indian Parliament will hold a hearing on September 16, where the Ministry of Economic Affairs will testify regarding virtual digital assets, marking a crucial step in India's cryptocurrency regulatory framework. Currently, cryptocurrencies are not classified as legal tender in India but are not banned either. Investment gains are taxed at a fixed rate of 30%, with a 1% withholding tax applicable. As of mid-2026, 54 virtual digital asset service providers have registered with the Financial Intelligence Unit, including CoinDCX, CoinSwitch, Binance, and Coinbase. Approximately 91.5% of India's cryptocurrency trading volume flows to offshore platforms. The committee has previously heard opposing views from the central bank regarding legalization and support from the accounting association for a comprehensive legal framework. This hearing will focus on core issues such as the selection of regulatory bodies, asset definitions, and losses from offshore trading.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.