According to a recent report, framing these rules would stop any revenue loss to the exchequer caused by a lack of understanding regarding the true nature of these assets. The report also stated, citing sources familiar with the development, that GST rates for cryptocurrencies may range from 18 to 28%. The finance ministry seeks to “define the characteristics of cryptocurrencies, their usage, and how they fit into the existing legal framework,” according to a report by Mint. The two sources, who asked for anonymity, stated that once the legal nature has been determined, the appropriate GST rate will be set. “GST is currently levied on services, so we need to determine whether crypto assets are declared as a good or service before we can discuss whether it applies to crypto assets. We can offer a discounted price for it.