Union Budget 2022-23: Here’s what crypto industry expects from govt

While the government is yet to bring the cryptocurrency bill, much-needed clarity is expected on its taxation in the upcoming Union Budget 2022, said industry experts.

With the central government yet to bring a bill on cryptocurrency in Parliament, the booming digital coin sector has a host of expectations from Finance Minister Nirmala Sitharaman in the Union Budget 2022-23.While there have been talks regarding the regulation of cryptocurrencies, the sector is seeking more clarity on the taxation part.As India has nearly 15-20 million cryptocurrency investors with total crypto holdings of around USD 5.29 billion, the sector would like to have clarity on the taxation aspects of buying and selling different cryptocurrencies, said Edul Patel, CEO and Co-founder of Mudrex.Secondly, the government earlier stated that they might classify cryptos based upon their use cases. Patel said the sector is waiting for more clarity on the same in the budget.For the growth of the crypto market, the sector is looking forward to progressive regulatory guidelines keeping in mind the stakeholders, he added.While the government is yet to bring the cryptocurrency bill, much-needed clarity is expected on its taxation in the upcoming Union Budget 2022, said Archit Gupta, Founder and CEO, Clear.There are various concerns about the taxation of crypto, its classification, applicable tax rates, TDS/TCS and GST implications on the sale and purchase of cryptocurrencies, added Gupta. He said the sector hopes for some clarity on all these issues during the Budget Session of Parliament.Last week, Industry body ASSOCHAM Secretary General Deepak Sood said India Inc agrees with Prime Minister Narendra Modi who called upon leaders at the World Economic Forum (WEF) meeting in Davos for cooperation on a number of global issues including cryptocurrency.

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