Crypto companies seek a regulatory framework

Cryptocurrency trading and investing platforms in the country want the government to have a clear framework on virtual currencies, and have high expectations from the Union Budget 2023. India Today TV got in touch with cryptocurrency experts and associated companies on their expectations of the budget.

Kumar Gaurav, founder and CEO of Cashaa, said, “After having launched the e-rupee, we are expecting that the government will bring in more regulations for cryptocurrencies. Estimates point out that crypto ownership in India is almost double compared to the rest of the world. This being said, the government will more likely introduce a regressive tax on cryptocurrencies.”

Vikram R Singh, founder and CEO, Antier said the budget should take decisive steps to drive India into the next phase of the Web3 economy by promoting Internet-enabled disruptive technologies like blockchain, metaverse, NFTs and DeFi. “The government should ensure fast-track implementation of the regulatory framework for crypto exchanges, raise the TDS exemption limit on virtual digital assets and offer relief on crypto taxation,” he added.