Budget 2023: Industry wants govt to classify crypto as asset, lower tax rates
As the Union Budget 2023 approaches closer, the cryptocurrency market is pinning its hopes on Finance Minister Nirmala Sitharaman to announce a lower tax on virtual digital assets, which is battling with high volatility amid FTX’s bankruptcy and aggressive rate hike by central banks globally. The crypto market, which is still not under a proper regulator, expects FM Sitharaman to bring in regulations to classify crypto as an asset class.
Industry experts hope the upcoming Union Budget will create a regulatory framework for digital wallet companies and a single window clearance to register and operate in India under the supervision of relevant regulatory authorities.
In the last Union Budget, the central government proposed to tax the gains made on virtual digital assets at 30% and 1% TDS on transfer of cryptos in a bid to discourage transactions in cryptocurrencies.
Speaking to Fortune India, Shivam Thakral, CEO, BuyUcoin, said the crypto sector needs immediate support from the regulators for creating a business-friendly environment that will enable the growth of blockchain companies in India. “We are delighted to see that our Finance Minister is actively involved in creating a global consensus for policy around crypto but Indian crypto entrepreneurs are looking forward to a fast-track implementation of the regulatory framework for crypto exchanges.”
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