Anticipation for Key Changes in India’s Crypto Sector Ahead of Union Budget 2024

As India awaits its Union Budget for 2024, the cryptocurrency industry is anticipating key changes that could impact the sector’s growth. Nischal Shetty, co-founder of crypto exchange WazirX, highlighted the need for adjustments in taxation rules, particularly proposing a reduction of the Tax Deducted at Source (TDS) rate from 1% to 0.01%. Shetty emphasized that the high TDS rate puts India at a disadvantage compared to other countries and lowering it would encourage digital asset trading within Indian jurisdiction. Other industry leaders also called for regulatory clarity, alignment of tax rates with other asset classes, and the establishment of a self-regulatory body for the crypto and blockchain sector.

The Indian cryptocurrency industry is looking to the Union Budget for favorable changes in taxation, regulatory clarity, and strategic measures to boost domestic sector growth. Proposed adjustments, such as reducing the TDS rate, are seen as crucial for leveling the playing field and encouraging digital asset trading within India. The industry’s call for standardized regulatory frameworks and self-regulation reflects the desire for clarity and opportunities to unlock the sector’s potential on a global scale. (Source: Coingape)