What is the Indian crypto industry expecting from Budget 2024? Here's the wishlist
Finance Minister Nirmala Sitharaman. Among the many sectors eagerly awaiting the announcements, the cryptocurrency industry has high hopes for favorable reforms that could significantly impact its growth and regulatory landscape.
Industry experts have outlined a clear wishlist ahead of the Budget, focusing on critical issues such as the high transaction tax and the inability to offset losses against gains. These concerns have been significant deterrents for investors and innovators in the crypto space. Meanwhile, the crypto community is optimistic that the government will address these challenges to create a more conducive environment for the sector.
Industry leaders have outlined their expectations for Budget 2024:
Edul Patel, CEO, Mudrex
We anticipate that the newly formed government will address the critical challenges faced by crypto investors in India. Specifically, the 1% TDS on every transaction and the current inability to offset losses against gains are significant deterrents for investors. Addressing these issues could foster a more favorable environment, encouraging innovation and growth within the sector.
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