India's cryptocurrency trading platforms have asked the country's central bank, the Reserve Bank of India (RBI), to provide guidelines on how their activities must be taxed.
The request comes after the country's Supreme Court lifted the prohibition that banned financial institutions from offering their services to these platforms.
According to local news outlet India Times, several Indian exchanges have sent today a joint letter to the RBI informing it that as a result of the current lack of regulatory clarity, banks are reluctant to offer their services to crypto-related companies despite the ban lift.
In particular, exchanges would like to find out whether their operations should be considered as dealing with goods, currencies, commodities or services in order to know whether they are subject to the country’s Goods and Services Tax.
The platforms have reportedly also submitted this request to Delhi High Court.
The economic downturn in India and the rest of the world is driving crypto adoption, particularly in India after the country's Supreme Court lifted the prohibition that banned financial institutions from offering their services to these platforms.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.