Indian crypto community seeks tax rationalization, regulatory clarity, and more in Budget’24.
High taxes prompt Indian users to shift crypto investments overseas, impacting trading volumes.
Indian Finance Minister Nirmala Sitharaman gears up to present the Union Budget on February 1, 2024. Whilst that, the Indian crypto community is holding its breath in anticipation of crucial developments that could shape the future of the burgeoning digital asset landscape in the country.
In the wake of the Union Budget 2023, there were no revisions to the flat 30 percent tax on cryptocurrencies that was initially introduced in the 2022 budget. The persistence of this tax structure has contributed to a challenging environment for crypto businesses and investors.
Meanwhile, the global crypto landscape has seen noteworthy strides, with the recent approval of a spot Bitcoin ETF by the US SEC indicating a shift in regulatory attitudes. As India contemplates its stance on digital currencies, there is a
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