India’s Crypto Community Calls for Tax Relief
As India's Union Budget 2024 announcement nears, the local web3 community urges a reevaluation of cryptocurrency tax regulations, claiming current laws hinder the sector's growth.
Despite two years of appeals, the government hasn’t revisited these laws, leading to talent migration.
The Finance Minister is set to reveal budget provisions on February 1, with the crypto community using the hashtag ‘#ReduceCryptoTax’ on social media to push for more flexible tax slabs, a reduction in TDS from 1% to 0.01%, and permission to carry forward losses.
Influencers, like Pushpendra Singh and Dr. Sathvik Vishwanath, criticize India’s crypto tax system as the worst globally, calling for amendments.
Anticipated changes in crypto law include a clear legal framework, tax regularization, and refined definitions for Virtual Digital Assets (VDAs), excluding certain tokenized assets.
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The community also seeks policies supporting innovation, recognizing a $10 trillion opportunity in asset tokenization. The year 2024 is seen as crucial for the integration of AI and advanced technologies in India’s blockchain industry.
Additional demands include support for Web3 startups, tax incentives, and a reduction in TDS.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
