Ethereum dominates crypto gains, says Chainalysis

While the regulations on Bitcoin in India is not yet clear, the Supreme Court asked the central government to make its stand clear on the cryptocurrencies, however, the investment into cryptocurrency is skyrocketing. A recent report says, India has ranked 21st with realized gains of around $1.85 billion. The central government is preparing a Bill to regulate cryptocurrency and other digital assets in India. Finance minister Nirmala Sitharaman in the Union Budget 2022 announced that the central government will levy a steep tax at 30% on virtual assets including cryptocurrencies and Nonfungible tokens. For this crypto tax, Budget 2022 proposed to introduce a new section 115BBH to levy income tax on cryptocurrencies and other virtual assets. The newly proposed cryptocurrency tax will be applicable from Assessment Year 2023-24. That means all your income from crypto transactions in FY 2022-23 will be taxed at the rate of 30%. Investors have to pay tax according to the existing taxation rules for FY 2021-22. Blockchain data analytics firm Chainalysis has found that the total cryptocurrency gains worldwide amounted to $163 billion in 2021, which was 5x the previous year or a 400% increase. Investors around the world realized total gains of $162.7 billion in 2021, compared to just $32.5 billion in 2020.

According to Chainalysis, the United States lead by a wide margin at an estimated $47 billion in realized cryptocurrency gains, followed by the UK, Germany, Japan, and China. Meanwhile, India ranked a lowly 21st with realized gains of around $1.85 billion. The report highlights that Ethereum edged out Bitcoin in total realized gains globally at $76.3 billion to $74.7 billion. Bitcoin, the world's most traded cryptocurrency, leapt 60% to finish 2021 at about $46,300. Ether, the token currency for the ethereum blockchain network, jumped about 400% in 2021, landing at around $3,650. There is a strong belief this reflects increased demand for Ethereum as the resu

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