Today in Crypto: India Passes Crypto Tax Legislation; Deloitte, Coinbase to Acquire Brazil’s 2TM

Thanks to a new tax proposal passed by India’s Parliament, in one week, residents of India will have to pay a capital gains tax of 30% on crypto transactions, CoinDesk reported Friday (March 25).

Per the report, this resulted in “uproar and disappointment” from those in the industry. Aside from the capital gains tax, Indians buying crypto also face another 1% tax deducted at source, as well as taxes on crypto gifts. They are also unable to take deductions for losses.

In other news, Bitcoin.com wrote Sunday (March 27) that El Corte Ingles, the third-largest retailer and distribution company from Spain, will be rolling out a crypto exchange in partnership with Deloitte.

The exchange, called Bitcor, will offer bitcoin, ethereum and other cryptocurrencies.

El Corte Ingles reportedly wants to take advantage of its customer portfolio right now, as it already has an established target of investors. As its customers are usually “small savers,” the company feels they could be interested in crypto through a known company, rather than using a newer brand.

Furthermore, cryptocurrency might eventually have a new North American center if Alberta has its way, The Canadian Press reported Sunday.

Known for producing oil and gas, Alberta has a new goal of becoming a North American hub for companies working in the crypto industry. In a throne speech in February, Alberta’s UCP government said it had intentions to make legislation to “promote innovation” in the financial services sector, through letting companies test new products and services.

Per the report, there was also mention of future legislation to make Alberta a “modern electricity powerhouse” and magnet for newer tech, including cryptocurrency.

Finally, Bloomberg reported Sunday that Coinbase Global is close to acquiring Brazilian holding 2TM, which controls Latin America’s Mercado Bitcoin, the biggest crypto brokerage there.

This will happen by the end of April, according to local newspaper O Estado de S. Paulo. The talks started last year and are a part of Coinbase’s operation to add more holdings in a market that has only been getting more competitive.