Budget 2023: Crypto industry expectations from FM Nirmala Sitharaman

Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.

The crypto industry is hoping that FM Sitharaman announces a proper regulatory framework for homegrown crypto exchanges. Also on the wishlist is more clarity on the impending Crypto Bill, as well as some relief on crypto taxation (which stands at 30 per cent currently).

Tarusha Mittal, Co-founder and COO, UniFarm and Dapps, says, “the government should frame strong regulations for the sector in light of the FTX crisis [which wiped out billions of dollars in global investor money] especially for centralized bodies dealing with crypto.”

The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India. Crypto bosses further expect the TDS exemption limit to be raised “to a reasonable level”.