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Abhishek Jain
The IIM Guy
Abhishek Jain is a professional with a diverse background and a keen interest in areas such as Data Protection, Cybersecurity & Information Technology, Cryptocurrency, Blockchain, Unmanned Aerial Vehicles, Regulation of Emerging Tech, Digital Gaming, Startup Advisory, Public Policy, and Regulatory Affairs.
Abhishek Jain holds a Bachelor's degree in Law & Liberal Arts from O.P. Jindal Global University (JGU) with a remarkable CGPA of 6.28 out of 8.0. Prior to that, he attended OP Jindal Modern School in Hisar.
Throughout his career, Abhishek Jain has gained valuable experience through various roles. He has served as a Legal Intern at Ikigai Law, NDTV, Thomson Reuters, Chambers of Sr Adv. Harin P Rawal, Koura & Company, Chambers of Sr Adv. Pravin H Parekh, DPSA Legal, and Global Legal Partners. Additionally, he has worked as a Teaching Assistant for Torts and Consumer Protection at O.P. Jindal Global University (JGU). Moreover, he was a Fellow in Technology Law and Policy at Daksha Fellowship.
Highlights
I’m happy to share that I’m starting a new position as Assistant Manager - Legal, Counsel and Compliance at Embassy Group !
With regard to today's announcement on crypto assets, regardless of government's intention to tax crypto assets, I just wished to flag that investors can still avoid paying 30% tax by converting the income from selling crypto assets into stable coins like USDT or USDC etc. (instead of putting that income into bank account)
The purpose of discouraging investment into crypto assets or taxation of income will get defeated if that income from selling crypto assets is then used to buy stable coins because this transaction will not reach the bank account anyway.
Moreover, these crypto assets need not even be sold, they can simply be exchanged with stable coins. The USDT money can then be spent elsewhere without the need to convert into INR.
Should income from trading in cryptocurrency be charged with a Sin Tax ? To regulate digital currency, should the government have brought the Crypotocurrency Bill first ? Should this income be taxed at 30% (not on parity with equity/real estate/gold/other assets? Will the govenment be able to practically tax it at all (given the scenario above) ? Should a crypto 'gift' be treated differently from other gifts for tax purposes ? There has also been a clamour and various recommendations to legalise betting and gambling in sports, will that be the way forward (betting on cricket versus betting on horse racing) ?
Open to your thoughts and comments on this.
#cryptoassets #regulation #policyconnundrum #governmentaffairs #India #budget2022 #bettingonsports
