Indian Crypto Industry eyes some relaxation in the Budget
Dear Readers,
The Indian budget for 2025-2026 is to be presented in the Indian Parliament on 1st February 2025 by the Finance Minister Mrs. Niramala Seetharaman.
This budget will be the full budget for the current Government. So, all the eyes are on to the Indian budget 2025-2026!
There was a hectic blow for the crypto world here in India as the virtual digital assets taxed at 30% and every transaction was levied with 1% TDS.
The Governor of Indian Central Bank- Reserve Bank of India often expressed for a blanket ban for Cryptos in India and he has said that there are no underlying value of the Crypto coins and compared the value not even a Tulip Flower in the Netherlands context.
All the crypto exchanges are registered under Finance Intelligent Unit (FIU) and are being operated. This includes all the foreign exchanges too. Those who have not registered under FIU their URL were blocked. The famous exchanges including Binance, Kucoin are now under registered under FIU.
Various efforts have been taken by the Crypto Industries and associations and represented with the Finance Ministry Officials to review this.
The crypto industry expects to reduce the tax for the Crypto Taxation and a relief from the 1% TDS for the Crypto Transactions.
As India is currently heading the G20 Presidential ship and several occasions in the past both the Prime Minister Mr. Narendra Modi and the Finance Minister, Mrs. Nirmala Seetharaman said there would be global co-ordinated efforts needed for the crypto regulations and it is ideal time that India would take a lead in this and make a agenda in the G20 meetings.
The policies on cryptos and the outlook on cryptos are now changing globally and we need to wait for India's perspective on Cryptos to be known again with this budget.
Let's anticipate a good climate here in India too to have the policies in favour of crypto sooner or later!
Let's wait two more days from now to know how the Indian Government would handle the Crypto Assets!
