Solution

It is the suggestion of the Securities and Exchange Board of India (SEBI) to regulate crypto trading platforms by the RBI under the Foreign Exchange Management Act (FEMA). (Statement c is incorrect). Position of the Indian government on Cryptocurrency: Definition for crypto assets: The government in the Union Budget for 2022-23 has for the first time provided a definition for crypto-assets and set out a list of proposals on the taxation of this new asset class. Coverage: The tax proposal covered all emerging digital assets, including non-fungible tokens (NFTs), assets in the metaverse, digital currencies and tokens, among others. Tax deducted at source: The Budget also said a 1% TDS (tax deducted at source) will be applicable on payments made on the transfer of digital assets. Loss from the transfer of virtual digital assets - It will not be allowed to be set off against the income arising from the transfer of another VDA in the proposed amendments. 30 percent tax on income: The government will define virtual digital assets with a view to levying a 30 percent tax on income from all transfers of such assets.