India Legalizes Cryptocurrencies As Exchange Commodities

India will abandon its ban on cryptocurrencies in favor of regulating them as commodities. By February 2022This year the government will present a corresponding bill, Business Today reports, citing representatives of the Ministry of Finance.

According to the interlocutors of the publication, the inclusioncryptocurrencies in the legal field implies taxation of transactions with these assets and income derived from relevant transactions. The Treasury Department and the Reserve Bank of India (RBI) are currently "in the process of finalizing the conceptual framework and necessary regulations."

According to Finder, about 33% of citizens in India own cryptocurrencies, but the country does not have a legal framework to regulate this market.

At the end of January 2021, information appeared in the media about the Indian Parliament’s plan to consider the government’s proposed bill to ban cryptocurrencies.

Since April, Indian companies have been required to report digital asset transactions, volume, and advances and deposits “from any persons.”

In May it became known that the RBI had askedbanks to terminate relations with bitcoin exchanges. After this, the regulator called on regulated institutions not to refer to the canceled directive banning transactions with cryptocurrencies.

In the same month, the country’s government discussed the creation of a committee that would study regulation and various options for using blockchain.

In June, Bloomberg sources also said that the government would amend the bill banning cryptocurrencies and would consider regulating this asset class.

Recently the media learned about India's plans to introduce a 2% taxfor digital assets purchased on foreign exchanges. Later, information appeared about possible additional taxation of foreign platforms themselves.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	Exmo	https://exmo.me	6.9
4	OKEx	https://okex.com	6.5
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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