Budget 2023 Expectations: What Cryptocurrency, Blockchain Sector Wants From FM Nirmala Sitharaman
Budget 2023 Expectations: Here are some of the expectations from Cryptocurrency, Blockchain Sector from the upcoming Union Budget 2023-24:-
‘Regulatory framework for digital wallet companies and a single window’ – Mahin Gupta, founder of Liminal, a digital wallet infrastructure platform
“The Indian government took its first step towards regularizing crypto by introducing a formal tax regime for digital assets. The formal tax structure provides institutional investors with much-needed clarity and direction to look at digital assets as an alternative asset class. Today, India has an estimated 15 million cryptocurrency users.It is also home to 11% of the global Web3.0 talent and employs nearly 75,000 blockchain professionals with 450+ Web3.0 and blockchain startups operating out of India.These numbers alone indicate the burgeoning web3 ecosystem in India The Indian IT ecosystem is perfectly positioned to build the web3 and blockchain economy of the future and is poised to play a critical role in fulfilling the Government of India’s vision and mission of ‘Make in India’ for the world.”
“30% of today’s crypto investors fall under the age of 30. As this is the age when a person starts their journey towards financial planning and stability, we believe that the government should rationalize the 30% tax to foster a thriving IT and web3 ecosystem that will drive innovation and growth in the country. With institutional investors in the picture, storing digital assets in a secure and compliant manner becomes an absolute necessity. India needs professional digital wallet infrastructure companies that are regulated, compliant and licensed to increase confidence in retail and institutional stakeholders.”
“With this in mind, we hope that 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. We are calling for an infrastructure status for digital wallet infrastructure service providers so that they can actively help make India a $5 trillion digital economy.”
‘TDS exemption limit should be raised to a reasonable one’ – Shivam Thakral, CEO, BuyUcoin, a crypto exchange
“The crypto sector needs immediate support from the regulators to create a business-friendly environment that will enable the growth of blockchain companies in India. We are happy to see that our Honorable Finance Minister is actively involved in creating a global consensus for policies around crypto. but Indian crypto entrepreneurs see until a speedy implementation of the regulatory framework for crypto exchanges. Crypto investors should be allowed to offset and carry forward their losses to provide a level playing field for crypto assets and the TDS exemption limit should be raised to a reasonable level. Such positive steps will encourage responsible mass adoption of digital assets and propel India into the next phase of the Web3 economy.”
“Make strong rules in light of the FTX crisis” – Tarusha Mittal, COO and co-founder, UniFarm and Dapps
“Crypto is an essential part of Web3 – but the Crypto Bill has been pending for years. Although the tax part has been addressed, Web3, cryptoassets, NFTs and metaverse require a separate Bill for other regulatory matters. Recently, the BWA has recommended FM for to highlight the impact of existing tax provisions such as TDS, tax on income from VDAs, and disallowing loss carryforwards on the wider industry and share their input on appropriate changes that could help address the concerns of the government while allowing growth of Web3 sector. The government should draft strong regulations for the sector in light of the FTX crisis – especially for centralized bodies dealing with crypto.”
