Budget Expectation 2022-23: Crypto sector seeks clarity on regulation and taxes

Crypto exchanges are seeking clarity on the status of cryptocurrency as an asset class and its taxation regulations amid this regulatory ambiguity

New Delhi: In India, the cryptocurrency market has been rapidly expanding. According to a Nasscom analysis developed in collaboration with WazirX, it is estimated to reach $241 million by 2030.

In the absence of a regulator to regulate the market, the expanding market has also been a source of concern. Crypto exchanges are seeking clarity on the status of cryptocurrency as an asset class and its taxation regulations amid this regulatory ambiguity. Here's what the crypto sector have set their budget expectations.

“Web 3.0 is at a nascent stage as the internet was in 2000.  The giants like Google, Apple, Amazon, and Facebook were being conceptualized and launched.  And in the following 20 years, massive value was created for their customers and owners.  The next generation on Web 3.0, the next version of the internet, are on the table now.  Crypto assets are a fuel for this internet.  Not just currencies but a range of other digital assets like non fungible tokens, wrapped asset token etc that permit fractional ownership of a wide  range of assets hitherto unavailable  to mass market and a way for entrepreneurs, artists, and even students to raise money for their endeavors or education like was never possible before. We need to have a progressive regulatory framework that can create an enabling environment where innovation can thrive in a legal way – and India’s entrepreneurs can create platforms that, not just India but the whole world we use.  It is a moment in history that we cannot miss.  We need to have a regulation out soon” says Saurabh Tripathi, managing director and senior partner, BCG