What do you want from the crypto industry budget?

BY A STAFF REPORTER 

2022 was an important year for Web 3 and the crypto industry. Despite being a relatively new and tested market, the crypto industry has grown rapidly in India and there are a growing number of people expressing interest in investing in the asset class. According to a report released by FICCI and EY in 2022, Web 3.0 and blockchain could add $1.1 trillion to India's GDP by 2032. In the 2020-22 fiscal year, the government had announced a 30 per cent surcharge and cess as well as a 1 per cent TDS cut on virtual digital asset transfers. However, in the upcoming Budget 2023, we are urging the government to create a progressive regulatory framework and give clarity on taxes by reducing TDS and capital gains tax and at par with other asset classes like stocks and bonds. It will address the ongoing anxiety and uncertainty about the industry by creating transparency and help industry players protect users from any kind of Black Swan event, such as the FTX collapse. Clear governance and regulatory structures will enable more people to invest in VDAs and achieve financial independence. This will encourage innovation to transform existing businesses through blockchain technology as well as create new solutions to further enrich the industry.