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<ul><li>Indonesia will levy a 0.1% tax on income from <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> trading and a 0.1% VAT as well.</li><li>Indonesia’s tax slabs are lower than those levied by countries like India.</li><li>Prices of <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> registered a significant drop over the weekend, after the announcements.</li></ul>The price of Bitcoin has seen a <a href="https://www.tokocrypto.com/en/trade/BTC_BIDR">rather steep decline</a> in Indonesia over the weekend as the country’s government announced plans to tax crypto income from next month. Come May, the Indonesian government will start taxing capital gains income from crypto trading and investments at 0.1%, officials announced this past Friday. In addition, a value-added tax (VAT) of 0.1% will also be levied on crypto transactions, the government said. Reuters was the first to report about Indonesia’s plans to tax crypto last week. Further, Indonesia’s director of tax regulations, the Ministry of Finance, <a href="https://news.bitcoin.com/indonesian-government-sets-crypto-tax-at-0-1-to-be-levied-starting-may/">told</a> CNN that both the taxes would be levied from May 1, giving investors just about a month to decide how they plan to invest in the future. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Acknowledging crypto as a commodity?" comment="subhead" text="Acknowledging crypto as a commodity?">Acknowledging crypto as a commodity?</cmsannotation> The move may not come as the best news for crypto investors in India, but much like in other countries, it suggests that the government is starting to consider crypto as a commodity in Indonesia. This is similar to moves seen in India and some other countries. It is also lower than the 11% tax that the Indonesian government levies on other goods and services in the country. In fact, Indonesia’s tax is also lower than the slabs decided in neighbouring India as well. On February 1, Finance Minister Nirmala Sitharaman announced the government’s plan to tax income from crypto trading and investments at 30% and will not allow losses from one token to be offset with another. The country also plans to levy a 1% tax deduction at source (TDS) on crypto transactions, under which buyers will have to deduct the tax amount from a seller when buying cryptocurrencies. This, according to many <a href="https://twitter.com/ThatNaimish/status/1488789108080078849?s=20&amp;t=8W1KBy-cu9hYnx3Tosw5Gg">experts</a>, could further hurt the crypto ecosystem in India. On April 1, Bitcoin.com reported a significant drop in trading volumes in India following the announcements. Crypto exchange CoinSwitch’s founder Ashish Singhal had also said that the lack of tax offset could impact the industry adversely. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-hdfc-merger-news-makes-shareholders-richer-by-over-1-lakh-crore/articleshow/90638471.cms">HDFC Bank-HDFC merger news makes shareholders richer by over ₹1 lakh crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rally-in-adani-group-companies-not-only-made-gautam-adani-indias-richest-man-but-also-made-a-fortune-for-its-investors/articleshow/90638038.cms">Rally in Adani Group companies not only made Gautam Adani India’s richest man, but also made a fortune for its investors</a>

Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade

<ul><li>Turkish lawyers are asking for 40,000-year jail sentences for each one of the 21 officials involved in the <keyword id="13540669" type="General" weightage="20" keywordseo="thodex" source="Orion">Thodex</keyword> crypto exchange fraud case.</li><li>The crypto exchange shut down a year ago and its CEO has been on the run ever since, accused of making off with at least $24 million.</li><li><keyword id="13540670" type="General" weightage="20" keywordseo="thodex-ceo" source="Orion">Thodex CEO</keyword>, Faruk Fatih <keyword id="5564975" type="General" weightage="80" keywordseo="ozer" source="Orion">Ozer</keyword>, and his accomplices have been charged with creating a criminal organisation, fraud and money laundering.</li></ul>The founder of Turkish cryptocurrency platform Thodex, 28-year old Faruk Fatih Ozer, may face a <a href="https://www.theblockcrypto.com/linked/140348/turkey-seeks-40000-year-jail-sentences-for-crypto-ceo-officials?utm_source=telegram&amp;utm_medium=social">40,000-year jail sentence</a> if he gets caught. Currently, Ozer is on the run after shutting down the cryptocurrency exchange and making off with $24 million from users <a href="https://bitcoinmagazine.com/business/ceo-of-turkish-exchange-thodex-flees">last year</a>. He was last seen at the <keyword id="41613" type="General" weightage="20" keywordseo="istanbul" source="Orion">Istanbul</keyword> airport in April 2021. Since then, the Turkish authorities have tracked him to four different countries, including Albania. However, they have been unable to locate him despite Interpol issuing a <a href="https://www.newsweek.com/interpol-hunts-crypto-exchange-founder-accused-stealing-2bn-investors-1586009">red notice</a> — a request to law enforcement agencies worldwide to locate and arrest a person pending extradition — to his name. The Turkish prosecutor in charge of the case has asked for jail sentences as long as 40,564 years for each of the 21 officials involved in the Thodex fraud. The stakeholders of Thodex have been charged with creating a criminal organisation, fraud and money laundering according to local publication Demiroren News Agency. If the court backs the prosecutor's plea, Thodex team members will be behind bars for the rest of their remaining lives. <cmsannotation type="cmsannotation" annotationid="The runaway crypto exchange CEO" comment="subhead" text="The runaway crypto exchange CEO">The runaway crypto exchange CEO</cmsannotation> Thodex rose in popularity during the crypto hype of 2020 with investors looking for safe haven investments amidst inflation concerns around the national fiat currency, the Turkish Lira. The exchange, which had around 400,000 investors, went offline without any notice in April last year. While the case against Thodex quotes a loss of $24 million, <a href="https://blog.chainalysis.com/reports/2021-crypto-scam-revenues/">Chainalysis</a> estimates actual losses to be around $2.6 billion — making it the biggest rug pull of 2021. At the time of Ozer’s escape, his lawyer said that the CEO fled Turkey because he was afraid that he would either be arrested or commit suicide. <div type="ExtQuote" text="From today on, my sole aim is to repay my debt to you. The day I repay all my debt, I will return to my country and give myself in to justice." auname="Thodex founder and CEO, Faruk Faith Ozer, at the time of shutting down the crypto exchange"></div> Thodex was reportedly facing a liquidity problem. With many people demanding their money back, there weren’t enough funds on hand to meet that requirement. <keyword id="13540671" type="General" weightage="50" keywordseo="serap-ozer" source="Orion">Serap Ozer</keyword>, one of <keyword id="13540672" type="General" weightage="50" keywordseo="faruk-ozer" source="Orion">Faruk Ozer</keyword>’s two brothers, told <a href="https://beyazgazete.com/haber/2022/4/4/thodex-davasinda-carpici-ayrinti-faruk-fatih-ozer-en-yakinlarini-da-dolandirmis-6473370.html">local Turkish media</a> that his brother is planning to either find a partner or sell the company in order to pay investors back. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/warner-bros-and-dc-are-betting-on-batman-nfts-to-deliver-a-60-million-profit/articleshow/90638773.cms">Warner Bros and DC are betting on Batman NFTs to deliver a $60 million profit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indonesia-plans-to-tax-crypto-from-may-government-to-levy-vat-and-0-1-tax-on-income-from-crypto-trade/articleshow/90640005.cms">Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade</a>

Runaway Turkish crypto CEO may face 40,000-year jail sentence

<ul><li>A group of ministers is reportedly set to discuss a GST on cryptocurrency transactions in the country.</li><li>Decisions on GST are taken by the GST Council.</li><li>India levies 5%, 12%, 18% and 28% GST on goods and services sold in the country.</li></ul>After levying a 30% tax on capital gains from crypto transactions, and the upcoming 1% tax deduction at source (TDS), the Indian government may now be looking to levy its goods and services tax (GST) on such transactions as well. A ministerial panel is expected to meet next week to discuss the tax, according to a <a href="https://www.bloomberg.com/news/articles/2022-06-22/india-panel-said-to-weigh-sales-tax-on-cryptocurrency-next-week">report</a> by Bloomberg. The panel will comprise of finance ministers from central and state governments in the country, also known as the group of ministers (GoM). It will meet on two days, starting from June 28, in the Northern Indian state of Chandigarh. To be sure, the panel won’t be finalizing the tax during the meeting. Under Indian law, ministerial panels like this are formed in order to make recommendations to the GST Council, which takes final calls on this particular tax. For instance, earlier this month, a panel of ministers recommended that a 28% GST should be issued on online fantasy games — a decision that is pending with the council right now. <cmsannotation type="cmsannotation" annotationid="28% GST on crypto transactions?" comment="subhead" text="28% GST on crypto transactions?">28% <keyword id="13140539" type="General" weightage="20" keywordseo="gst-on-crypto" source="Orion">GST on crypto</keyword> transactions?</cmsannotation> India levies 5%, 12%, 18% and 28% GST on goods and services sold by companies in the country. The 28% slab is reserved for goods and services that are considered to be in the luxury segment. India also puts gambling under this slab, and is set to add fantasy gaming to it, raising concerns that crypto may be subject to the same tax. The tax was formulated long ago, but came into effect from 2017, and is meant to bring many of the country’s service-related taxes, including service tax and value added tax (VAT), under one umbrella. An additional tax on the industry, however, could be troublesome for crypto exchanges and traders in the country. In February this year, Finance Minister Nirmala Sitharaman announced a 30% tax on capital gains from cryptocurrency transactions in the country, during the Union Budget announcement. <cmsannotation type="cmsannotation" annotationid="India’s tax authorities clarify on crypto TDS" comment="subhead" text="India’s tax authorities clarify on crypto TDS">India’s tax authorities clarify on crypto TDS</cmsannotation> The country is also expected to levy a 1% TDS on such transactions from July 1, and the Central Board of Direct Taxes (CBDT) <a href="https://www.businessinsider.in/investment/news/india-crypto-tds-clarification-issued-by-[%E2%80%A6]ncies-and-virtual-digital-assets/articleshow/92405606.cms">issued clarifications on</a> the same yesterday. The taxes come at a time when the crypto industry is experiencing an extended bear phase. At the time of writing, top coins like Bitcoin, Ethereum, Cardano and others have dropped by over 70% from their all-time-highs. Additional taxes could affect the industry’s fortunes and impact exchanges’ trading volumes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/tether-to-launch-tokens-pegged-to-the-british-pound-in-an-expansion-of-its-lineup-of-stablecoins/articleshow/92394242.cms">Tether to launch tokens pegged to the British pound in an expansion of its lineup of stablecoins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-has-bailed-out-struggling-crypto-lender-blockfi-with-a-250-million-loan/articleshow/92392418.cms">FTX boss Sam Bankman-Fried has bailed out struggling crypto lender BlockFi with a $250 million loan</a>

28% GST on crypto transactions? India is reportedly mulling another tax levy next week

<ul><li>Sam Bankman-Fried’s <keyword id="2966084" type="General" weightage="100" keywordseo="ftx" source="Orion">FTX</keyword> is reportedly looking to invest in gaming startup Mobile Premier <keyword id="1910" type="General" weightage="80" keywordseo="league" source="Orion">League</keyword> (<keyword id="1953612" type="General" weightage="80" keywordseo="mpl" source="Orion">MPL</keyword>). </li><li>This will mark FTX's first foray into the Indian startup ecosystem as well as the world of cricket. </li><li>MPL is planning to step into the world of web3 with the help of FTX.</li></ul>Crypto exchange FTX made splashy headlines last year as it sponsored everything from baseball to football to soccer to <keyword id="6537501" type="General" weightage="50" keywordseo="formula" source="Orion">Formula</keyword> One (F1) racing. Now, it’s reportedly looking to dip its toe both into the world of cricket and the Indian startup ecosystem by investing in gaming unicorn Mobile Premier League (MPL). MPL has a wide range of games on its platform but is most well-known for its fantasy cricket league. Sources told <a href="https://techcrunch.com/2022/04/03/ftx-in-talks-to-invest-in-indian-gaming-startup-mpl-sources-say/">TechCrunch</a> that the gaming company is now looking to foray into web3, which is where the investment from FTX comes in. A win-win for MPL and FTX A report by <a href="https://assets.morningconsult.com/wp-uploads/2021/09/21143601/2109065_crosstabs_MC_SPORTS_CRYPTO_SPORTS_Adults_v2_CC.pdf">Morning Consult</a> indicates that there’s a significant overlap between the crypto-curious and sports. According to the data, sports fans are about twice as likely as non-sports fans to say that they are familiar with crypto, like Bitcoin and Ethereum. FTX, <a href="https://www.businessinsider.in/cryptocurrency/news/ftx-has-just-completed-another-funding-round-that-values-it-at-a-whopping-32-billion-and-ceo-sam-bankman-fried-says-he-expects-no-long-term-crypto-winter/articleshow/89255508.cms">valued at $32 billion</a> after its latest funding round in January earlier this year, has been touted as the entity that brought crypto and sports under one umbrella. An investment into MPL would mark the crypto enterprise’s entry into the Indian startup space as well as into the world of cricket. For MPL, FTX’s crypto expertise and how that marries the world of sports would be an added benefit. FTX is the crypto’s MVP of sports partnerships FTX started on its sports journey last year when it signed a $135 million deal with National Basketball Association’s (NBA) Miami HEAT to have the crypto exchange’s name plastered on the home arena for 19 years. A couple of months later, FTX partnered with Major League Baseball to become the first cryptocurrency exchange sponsor in professional sports. As a result, the FTX branding was seen as a feature on every umpire uniform. Then came the Mercedes F1 partnership, NFT partnerships with NBA and NHL teams, direct deals with sports stars like <keyword id="28008" type="General" weightage="50" keywordseo="tom-brady" source="Orion">Tom Brady</keyword>, <keyword id="2874703" type="General" weightage="50" keywordseo="steph-curry" source="Orion">Steph Curry</keyword> and David Ortiz, and, of course, the Super Bowl. MPL isn’t the only gaming platform in India going web3 MPL, which already has Sequoia Capital India and RTP Global as investors, has been talking to FTX to raise the new investment as an extension to its Series E round of funding at a valuation of $2.5 billion. The investment terms are still in flux and subject to change, sources told TechCrunch. And, it’s not alone in its endeavour to go web3. Dream11, touted as MPL’s primary contender, is looking to funnel a $100 million investment in NFT startup Rario. Rush Gaming Universe by Hike is also <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittal-dives-into-what-hikes-version-of-the-metaverse-is-going-to-look-like/articleshow/89109609.cms">expected</a> to launch its whitepaper sometime this month after unveiling non-fungible tokens (NFTs) in March. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/runaway-turkish-crypto-ceo-may-face-40000-year-jail-sentence/articleshow/90640378.cms">Runaway Turkish crypto CEO may face 40,000-year jail sentence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indonesia-plans-to-tax-crypto-from-may-government-to-levy-vat-and-0-1-tax-on-income-from-crypto-trade/articleshow/90640005.cms">Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade</a>

FTX is reportedly looking to enter India by investing in fantasy cricket league platform MPL

<ul><li>Bitcoin entrepreneur <keyword id="13575687" type="General" weightage="50" keywordseo="samson-mow" source="Orion">Samson Mow</keyword> announced his new company, <keyword id="13575686" type="General" weightage="20" keywordseo="jan3" source="Orion">JAN3</keyword>, at the Bitcoin 2022 Conference.</li><li>The startup has signed a memorandum of understanding with <keyword id="68460" type="General" weightage="80" keywordseo="el-salvador" source="Orion">El Salvador</keyword> to build the digital infrastructure for the country as well as for <keyword id="12576429" type="General" weightage="100" keywordseo="bitcoin-city" source="Orion">Bitcoin City</keyword>.</li><li>According to him, two new jurisdictions are en-route to adopt Bitcoin as legal tender soon. </li></ul>El Salvador’s plans to launch the world’s first Bitcoin City has another stakeholder now, Bitcoin entrepreneur Samson <keyword id="2336517" type="General" weightage="80" keywordseo="mow" source="Orion">Mow</keyword> and this newly incorporated startup JAN3. The Central American nation and Mow’s new company have signed a memorandum of understanding to help develop digital infrastructure not just for Bitcoin City, but for all of El Salvador. The initiative lines up with JAN3’s mission of accelerating Bitcoin adoption in the world. And, according to Mow, El Salvador is just the beginning. At the Bitcoin 2022 Conference, he disclosed two new jurisdictions are set to follow in El Salvador’s footsteps. The Caribbean island of Roatan and Portugal’s Madeira will also be adopting Bitcoin as legal tender soon. Mow added that Mexico is also a potential candidate but the country is yet to finalise its stance. <cmsannotation type="cmsannotation" annotationid="Locals aren’t sold on Bitcoin City’s utopian proposition" comment="subhead" text="Locals aren’t sold on Bitcoin City’s utopian proposition">Locals aren’t sold on Bitcoin City’s utopian proposition</cmsannotation> Bitcoin City was proposed by Bukele as a utopian construct for Bitcoin believers. The city will be laid out in a circle. And, it’s citizens won’t have to pay income, property or capital gains taxes — just value added tax (VAT). Bitcoin City isn’t just a special economic zone (SEZ). It will include residential and commercial areas. It will have restaurants, its own airport as well as a port and rail connectivity. Despite all the hype, locals in the country aren’t holding their breath, according to <a href="https://finance.yahoo.com/news/bitcoin-city-el-salvador-dreams-194317911.html">CoinDesk</a>. El Salvador’s roll out of its national crypto wallet, El Chivo, was buggy that led many to question the country’s technology prowess to handle the legalisation of Bitcoin. Moreover, the multiple delays in issuing ‘Bitcoin Bonds’ to the development plans of Bitcoin City has led to more uncertainty. Analysts note that the geopolitical tensions between Ukraine and Russia are likely to add to the delay. Without the funds to start building, the development of Bitcoin City will get delayed further. <cmsannotation type="cmsannotation" annotationid="Who is Samson Mow?" comment="subhead" text="Who is Samson Mow?">Who is Samson Mow?</cmsannotation> Samson Mow is the former chief strategy officer (CSO) of Blockstream, one of the biggest providers of blockchain technology in the world. He has also worked with BTCC, one of the largest bitcoin exchanges and mining pools globally, as the chief operating officer (COO) and led <keyword id="172599" type="General" weightage="50" keywordseo="ubisoft" source="Orion">Ubisoft</keyword>’s expansion into Asian markets as the Director of Production and Executive Producer. In addition to JAN3, he’s also the founder of Pixelmatic, a company that strives to create engaging games that are built to encourage social interactions. JAN3 has reportedly raised $21 million in funding with a market valuation of $100 million. The company’s name is a nod to 3 January 2009, when the first block of Bitcoin was mined by Bitcoin’s mysterious founder, Satoshi Nakamoto. According to Mow, JAN3 wants to drive crypto adoption by focusing on advancing Bitcoin and Layer-2 technologies like Liquid and Lightning networks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-lowers-fy23-gdp-growth-forecast-to-7-2-due-to-global-headwinds/articleshow/90722772.cms">RBI lowers FY23 GDP growth forecast to 7.2% due to global headwinds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/elevation-capital-announces-670-million-fund-for-early-stage-startups-aims-to-further-explore-indias-tech-potential/articleshow/90727701.cms">Elevation Capital announces $670 million fund for early-stage startups; aims to further explore India's tech potential</a>

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Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade

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Runaway Turkish crypto CEO may face 40,000-year jail sentence

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28% GST on crypto transactions? India is reportedly mulling another tax levy next week

BI India Bureau

FTX is reportedly looking to enter India by investing in fantasy cricket league platform MPL

BI India Bureau

El Salvador’s Bitcoin City ropes in new startup to set up digital infrastructure

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