Budget 2023 Expectations: What Cryptocurrency, Blockchain Sector Want From FM Nirmala Sitharaman – Taxation, TDS, Framework

"Regulatory Framework for Digital Wallet Companies and One-Stop Authorization" - Mahin Gupta, Founder of Liminal, a digital wallet infrastructure platform

“The Indian government took its first step towards cryptocurrency regularization by introducing a formal tax regime for digital assets. The formal tax structure gives institutional investors much-needed clarity and direction in considering digital assets as a class of alternative assets.Today, India has an estimated 15 million cryptocurrency users.It is also home to 11% of global Web3.0 talent, employing nearly 75,000 blockchain professionals with more than 450 Web3 startups. 0 and blockchain operating out of India These numbers alone signify the nascent web3 ecosystem in India India's IT ecosystem is perfectly positioned to build the web3 and blockchain economy of the future and poised to play a crucial role in fulfilling the vision and mission of the Government of India to 'Make in India' for the world".

“30% of current crypto investors are under the age of 30. Since this is the age at which a person begins their journey towards financial planning and stability, we believe that the government should rationalize the 30% tax to encourage a A thriving IT and web3 ecosystem that will fuel innovation and growth in the country.In addition, with institutional investors in the picture, storing digital assets in a secure and compliant manner becomes an absolute must.India needs professional IT companies. digital wallet infrastructure that are regulated, compliant and licensed to increase the trust of retail and institutional stakeholders."

"Considering this, we hope that the next union budget will create a regulatory framework for digital wallet companies and a one-stop authorization to register and operate in India under the supervision of the relevant regulatory authorities. We request an infrastructure status for the digital wallet infrastructure service providers so that they can actively contribute to making India a $5 trillion digital economy."

“TDS exemption limit should be raised to a reasonable level”: Shivam Thakral, CEO of BuyUcoin, a crypto exchange

"The cryptocurrency industry needs the immediate support of regulators to create a business-friendly environment that will allow blockchain companies to grow in India. We are delighted to see our honorable finance minister actively participating in the building a global consensus for policy around cryptocurrencies but Indian crypto entrepreneurs expect accelerated implementation of the regulatory framework for crypto exchanges Crypto investors should be allowed to offset and transfer their losses to provide a level playing field for investors crypto assets and the TDS exemption limit should be raised to a reasonable level. These positive steps will encourage responsible mass adoption of digital assets and propel India into the next phase of the Web3 economy."

'Framing strict regulations in light of the FTX crisis' - Tarusha Mittal, COO and Co-Founder, UniFarm and Dapps

“Crypto is an essential part of Web3, but the Crypto Bill has been pending for years. Although the tax part has been addressed, Web3, crypto assets, NFTs, and the metaverse require a separate bill for other regulatory matters. Recently, the BWA has recommended FM to highlight the impact of existing tax provisions such as TDS, VDA income tax, and not allowing losses to pass through to the broader industry and share your input on suitable amendments that can help address the concerns of the government and at the same time allow the growth of the Web 3 sector. The government should set strict regulations for the sector in light of the FTX crisis, especially for centralized bodies dealing with cryptocurrencies.”