Finance Minister Nirmala Sitharaman Excludes Update on Crypto Regulations and Taxes in Interim Budget 2024
The Interim Budget 2024 delivered by FM Nirmala Sitharaman did not provide any updates on crypto regulations and taxes. This is despite India’s ongoing collaboration with G20 nations to create a global regulatory framework for cryptocurrency and blockchain.
Over the past few months, the Indian government has been engaging in discussions with the Indian crypto industry in an attempt to address some of their demands.
Considering that it is an interim budget ahead of the upcoming elections, the crypto industry did not have high expectations for this year’s budget. The industry body Bharat Web 3 Association (BWA) requested regulatory tightening of offshore exchanges and advocated for the rationalization of taxes.
According to reports, BWA stated that India is a leader in grassroots crypto adoption globally and the second-largest market in terms of transaction volumes in 2023.
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