India: Crypto industry players hope for regulatory clarity in Budget 2022 - Aliens: AI Crypto News & Markets Updates
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India: Crypto industry players hope for regulatory clarity in Budget 2022

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AMB Crypto

Thu, Jan 20, 2022

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After 2022 started with tax raids on crypto businesses in India , industry players are pushing for a bill in the upcoming Budget session.

But, he added, “If at all, the income tax confusions may get cleared up.” Meanwhile, reports cited sources that revealed that the government has got in tax experts to frame disclosure and taxation guidelines for companies and family offices dealing or holding cryptos.

In this regard, Nischal Shetty, CEO of WazirX said , “Besides regulatory clarity, we expect better clarity from the government on crypto taxation.

A regulatory clarity will give the crypto sector a boost, accelerate its growth and potential to contribute to our $5 trillion economy vision.” The report also reiterated that the framework might bar companies from setting off “speculative” losses against regular business profits.

In context to India, he explained that while “leading crypto exchanges follow strict self-regulatory practices to ensure customer protection.” “We hope the upcoming Union Budget will bring in regulatory clarity and help standardize best practices, address misconceptions around this emerging asset class.” With that, he endorsed ‘a regularized environment’ to encourage financial inclusion with crypto

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