India vs Malawi
Crypto regulation comparison
India
Malawi
Legal
No Regulation
India legalized crypto taxation in the 2022 Union Budget, imposing a flat 30% tax on all crypto gains with no deductions for losses. A 1% TDS (Tax Deducted at Source) on crypto transactions above thresholds also applies. The Supreme Court struck down the RBI's 2018 banking ban in 2020, and India is now developing a broader regulatory framework.
Malawi has no specific cryptocurrency regulation. The Reserve Bank of Malawi has issued warnings about crypto risks but has not banned it.
Tax Type
Capital gains
Tax Type
None
Tax Rate
30%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
CBDT, FIU-IND, SEBI, RBI
Regulator
Reserve Bank of Malawi
Stablecoin Rules
No specific stablecoin regulation; RBI exploring digital rupee CBDC
Stablecoin Rules
No stablecoin regulation
Key Points
- Flat 30% tax on all crypto gains with no loss offset against other income (effective April 2022)
- 1% TDS on crypto transactions above ₹10,000 (₹50,000 for specified persons)
- Supreme Court struck down RBI's 2018 banking circular banning banks from serving crypto firms
- FIU-IND requires VASPs to register and comply with PMLA (Prevention of Money Laundering Act)
- India blocked non-compliant offshore exchanges (Binance, others) in 2024, later some re-registered
Key Points
- No specific cryptocurrency legislation
- Reserve Bank of Malawi warns about crypto risks
- Crypto not recognized as legal tender
- Limited crypto infrastructure and adoption
- No licensing framework for crypto services
Sources
- Income Tax India - Section 115BBH
- FIU-IND - VASP Registration Circular
- Income Tax India - CBDT Circular 23/2022
- Income Tax India - TDS on VDA Section 194S
- Supreme Court - IAMAI v RBI Judgment (March 2020)
- PIB - FIU-IND Show Cause Notices to Offshore VDA SPs
- Gazette of India - PMLA VDA Notification (March 2023)