India asks Parliament to clarify cryptocurrency regulations


According to a new study of over 1,000 digital respondents, 79 percent of Indians want more clarification on cryptocurrencies and non-fungible token (NFT) rules in the upcoming budget session of Parliament, which begins on January 31.

According to the survey, 61 percent of Indians desire a regulatory sandbox approach for decentralized finance (DeFi) innovations. That’s, which was conducted by tax and consultancy firm Grant Thornton Bharat.

However, 36% of Indians say that government work on DeFi should be prioritized over boosting crypto knowledge.

IndiaTech, an industry group that represents online companies. Of course, had asked the finance minister earlier this month for clarification on cryptocurrency taxation in the next budget.

In India, a crypto bill is unlikely to be submitted during the budget session since the government wants to reach out to industry stakeholders first before proposing legislation.

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