Cryptocurrency service providers seek clarity on taxation

The leading Cryptocurrency exchange WazirX, which has been a major focus of the DGGI crackdown, has paid Rs 49.2 crore as GST with interest and penalty.

“We strongly believe that regulatory clarity is the need of the hour for the Indian crypto industry. It will also provide us with more clarity on taxation so that we can work in sync with the lawmakers, and continue to be responsible industry players,” said a spokesperson of Zanmai Labs Pvt. Ltd, that runs WazirX.

Besides Zanmai Labs Pvt. Ltd, which runs WazirX, last week the DGGI also raided the premises of other firms engaged in Crypto-related businesses including Bitcipher Labs which runs Coinswitch Kuber, Neblio Technologies, which runs CoinDCX, iBlock Technologies, which runs BuyUcoin, and Unocoin Technologies Private Limited, which runs Unocoin.