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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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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.