Does India needs new law on virtual digital assets, CBDT asks cryptocurrency players

Not only are crypto gains taxed at the income tax rate of 30% (unlike the lower capital gains tax on stock profits), VDA traders can't offset profits with losses to lower the tax outgo. Many high-street banks are reluctant to offer accounts dedicated to pay or receive funds from crypto trades following central bank senior officials occasionally voicing their reservations on VDAs. Besides, there is no clarity under RBI rules and the Foreign Exchange Management Act (FEMA) on whether residents can buy and sell cryptos on offshore platforms.