What Indian crypto industry is hoping for from Budget 2024? Here's the wishlist

economictimes.indiatimes.com:

Budget 2024 looms on the horizon, the Indian crypto industry is buzzing with expectations, eager to witness how the Central Government will shape the regulatory landscape for virtual digital assets (VDAs). A focal point for industry experts is the pressing need for changes in the classification and taxation of these assets.

One prominent demand from experts is the abolition of the 1% Tax Deducted at Source (TDS), a measure currently in place. Analysts argue that this TDS rate hampers investor participation by causing capital losses with each trade, discouraging potential investors from entering the crypto market.

Leading voices in the industry have articulated their hopes for Budget 2024:

Rajagopal Menon, Vice President, WazirX

We hope that the finance ministry would reduce the Tax Deducted at Source (TDS) rate from 1% to 0.01%. Additionally, the offsetting of losses against gains made should be allowed. The underlying objective is to ensure a level playing field in the cryptocurrency space, devoid of regulatory or tax arbitrage for any participant.

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Sumit Gupta, Co-founder, CoinDCX

In the midst of India's burgeoning VDA industry, the forthcoming Union Budget presents a pivotal opportunity to propel its growth. A strategic focus on significant measures, such as lowering the TDS rate from 1% to 0.01% and aligning the tax rate with the framework applicable to other assets by reducing it from 30%, would undoubtedly