As India’s Union Budget 2024 announcement approaches, the Web3 community in India is uniting to request changes in cryptocurrency tax rules. Even after continuous requests for the past two years, the Indian government has not reviewed its cryptocurrency tax laws.
People involved in the Indian cryptocurrency sector claim that the current tax regulations are hindering the expansion of crypto within the nation and encouraging investors to move to more crypto-friendly countries. Dr. Sathvik Vishwanath, CEO and Co-Founder of Unocoin, has labeled the current crypto tax regime as “unfair” in a recent statement.
Vishwanath emphasized the need for amendments in crypto taxation laws to remove restrictions and compete globally, saying, “Unfair taxation is not only setting our #crypto industry behind but also increasing the time needed to fix deficiencies & compete with the global landscape.”|
Keyur Rohit, a crypto influencer and YouTuber, outlined anticipated changes in India’s crypto law, including establishing a clear legal framework and tax regularization. The sector also calls for an amended definition of Virtual Digital Assets (VDAs) to provide exclusions for tokenized assets with proven underlying value.
Moreover, there is a growing demand for policies that foster innovation and research in the digital asset space, recognizing a $10 trillion opportunity in real-world asset tokenization.
Rohit emphasized that 2024 is envisioned as a crucial year for the blockchain industry in India, with the integration of AI and other advanced technologies.
The community also encourages Web3 startups through special economic zones, introducing tax incentives and sandboxes to stimulate sector growth. Additionally, the community has persistently called for a reduction in Tax Deducted at Source (TDS).
Also Read: Crypto Community Eyes Tax Reforms in India’s Budget 2024
