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ARTICLE · 02 JANUARY 2023

The Hassleocracy Of Crypto-taxes

Ikigai Law
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Ouch. That's the RBI Governor, not mincing his words. Like everyone else, we've pored over the Budget announcements on crypto-assets.

IndiaTechnology
Ikigai Law
Ikigai Law
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A conversation between Akbar and Birbal about crypto-assets. And an explainer of why crypto-taxes are hassleocracy at its best.

"Cryptos have no underlying assets, not even a tulip." –Shaktikanta Das

Ouch. That's the RBI Governor, not mincing his words.

Like everyone else, we've pored over the Budget announcements on crypto-assets. The euphoria in the crypto-verse was short-lived. Crypto-assets haven't been outlawed; but that's about it. The proposed tax-rates and structure aren't – to put it mildly – kind to the crypto-ecosystem. To be fair, regulating this industry is a case of 'damned if you do' and 'damned if you don't'. So, we travel back in time to document a conversation between Akbar and his trusted minister, Birbal about 'magic coins'. Perhaps it rings a bell.

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