On February 1, India’s Finance Minister Nirmala Sitharaman will announce the country’s budget, and the Indian crypto industry is hoping she will address crypto legislation.
For quite some time, one of the world’s fastest-growing crypto hubs has been in regulatory limbo, but many are hopeful that this will change in the next week. India’s Finance Minister, Nirmala Sitharaman, will unveil the country’s budget on February 1, and some are hoping she will address digital asset restrictions.
In India, crypto laws are still a work in progress.
From the Reserve Bank of India (RBI) prohibiting banks from engaging with digital currency enterprises to the government announcing a blanket ban to parliament working on enabling rules, the Asian country has gone through numerous stages of crypto regulation. None of them, however, have lasted, and India lacks clear regulations for the rapidly expanding industry. Sharan Nair, CoinSwitch Kuber’s chief business officer, previously stated that the 2019 Union Budget will bring regulatory clarity. Thereby, help standardize best practices, and clarify misconceptions about this burgeoning asset class.
The Indian crypto industry sent a letter to the Finance Minister inquiring about crypto rules.
As previously reported, the Indian industry organization Indiatech wrote to Nirmala Sitharaman, the country’s finance minister, about crypto taxation. Coinswitch Kuber, Wazirx, and Coindcx are among the major Indian cryptocurrency exchanges represented by the organisation. In a letter to the finance minister. Of course, the crypto industry group requested clarification on crypto taxation in the next Union Budget 2022-23.
Indiatech has requested the government to change existing tax laws to incorporate cryptocurrency assets.
The industry association’s president and CEO, Rameesh Kailasam, explains to Ettech,
“The budget should ideally offer coherent rules on direct taxation,”
“and the GST Council should detail the applicability of taxation, else there will be confusion.”