Web3 sector seeks regulatory clarity on crypto trading
regulatory clarity on cryptocurrency trading in India and proposing that the government drafts legislation for monitoring digital assets as global financial hubs such as the US, UK and Hong Kong embrace crypto assets as legitimate trading instruments.
“As more than 80% of G20 members and financial hubs are offering regulatory clarity on crypto assets, there’s an urgent need for a globally coordinated, clear policy framework on digital assets to mitigate risks and foster innovation,” the Bharat Web3 Association (BWA) said in a press note on Thursday.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIt proposed that the government either form a panel to discuss model legislation in consultation with the industry or release a discussion paper on the subject within the first 100 days of forming the new government after concluding the Lok Sabha polls next month.
The Web3 industry body, which counts CoinDCX, WazirX, gaming platforms such as Hike, and other Web3 players like Liminal and Tax Nodes as its members said, the government must relook at crypto taxation as the levy has “not achieved its intended purpose” of monitoring suspicious transactions.
In India, cryptocurrency trades attract a levy of 1% tax deducted at source (TDS) as well as 30% capital gains tax without any provision of
