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India is gearing up for Union Budget 2024-25 and crypto industry players are hoping for major reforms. Also Read: India’s Securities Regulator and RBI Clash Over Crypto Regulations CoinSwitch co-founder Ashish Singhal told Cryptopolitan that the country needs a more supportive regulatory and tax environment to foster digital innovation. The domestic crypto market wants conducive rules Ashish Singhal, co-founder of Indian crypto exchange CoinSwitch, believes that the tax rules introduced in February 2022 need changes. He said, “The current taxation framework for Virtual Digital Assets (VDAs), has led to unintended consequences even for the Govt and the exchequer.” Singhal explained that domestic crypto investors have taken their trading to offshore platforms. Which has made it tricky for the government to keep tabs on these transactions. India’s Crypto Journey: 2018: RBI bans crypto dealings; Supreme Court overturns in 2020. 2021: Govt proposes crypto ban; bill not introduced yet. 2022: India imposes a 30% tax on crypto transactions. 2024: Govt panel reviewing SEBI & RBI submissions. Report expected by June,… pic.twitter.com/x06uEWwLgM — IshitaPandey.eth (@IshitaaPandey) May 16, 2024 India, which remains a major crypto market, concluded its general elections in June. The ruling party under PM Modi has been in power since 2014. While PM Modi is returning for a third term, he did not have an absolute majority this time around. Millionaires are migrating from India to UAE, but it’s their loss! India continues to lose millionaires, especially to the UAE, according to the latest New World Wealth report (see graphic for details). While there might be several factors that lead to a decision to move, I… pic.twitter.com/ZKfcvF8D7Q — Ashish Singhal (@ashish343) June 21, 2024 So far, the Indian government has not introduced a specific regulatory framework for cryptocurrencies. The last major move was the introduction of a taxation regime in the…

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Filed under: News - @ June 26, 2024 8:26 pm