India’s crypto-survey: Many to invest in the asset class, but only after regulatory clarity

ambcrypto.com:

2021 came and went without India getting the much awaited crypto-regulation bill. Now, however, many are hoping that the Budget will provide more details about how the Indian government authorities will tax crypto-assets.

A survey by the national Indian newspaper Times of India and commercial services company Deloitte revealed more about how regulations impact Indians’ crypto-decisions.

There are two main takeaways for readers. First of all, out of 1,800 respondents, around 55.2% plan to go on investing in crypto while another 26.8% will join them if there’s more regulatory clarity. Next, it’s important to note that 77.4% of respondents want crypto-investments to be taxed like securities trades and/or investments.

What definitely seems like a bullish sign, however, is that less than 10% of survey respondents want a crypto ban. Around 62% of participants called for clearer guidelines while approximately 30% want crypto to get a popularity boost.

That said, most investors are not aware of the tax rules that apply to crypto.

More than just a few investors are waiting to see whether India’s upcoming Budget includes new crypto-regulations. However, crypto and blockchain project monitor CREBACO’s founder Sidharth Sogani did not think a crypto bill would make an appearance around 1 February.

Speaking to AMBCrypto, Sogani noted that the Indian Cabinet is yet to approve any bills, which means there’s little chance of a crypto-bill reaching the Parliament soon.

Despite that, Sogani suggested the government might clear up confusion relating to taxes, and this might include instructions regarding crypto-investments.

All in all, the Indian government appears to be playing it close to the chest when it comes to crypto-regulations, and taking