The Finance Ministry of the Government of India will present the Union Budget on 1 February in the budget session of Parliament. Nirmala Sitharaman, being the Finance Minister, will give all the information about the budget before the Parliament. While every small and every big skater is expecting something from the Union Budget 2024-25, the crypto industry is also expecting something special from this budget, which will help this industry stand strong in India in the coming days. The biggest hope that crypto investors and crypto exchanges have from this budget is any update related to the crypto regulatory framework.
In fact, under the chairmanship of India, G20 countries are working together towards building a global regulatory framework. All countries have also agreed to uniform regulation on crypto in September 2023. Also in October, G20 countries had also issued a press release expressing their agreement on the crypto regulation roadmap.
But even after 3 months, there is still no information regarding the time of completion of the construction of this Global Crypto Regulatory Framework. In such a situation, from this Union Budget, people associated with the crypto industry want that any information related to the crypto regulatory framework should come out as soon as possible, so that they can plan their investments in the future.
Cryptocurrency investors are also hoping that Finance Minister Nirmala Sitharaman may also mention the global regulatory framework in her budget speech. Coin Gabbar believes that investors are hopeful about the upcoming budget because the government did not make any announcement on cryptocurrency in the last year i.e. Union Budget 2023-24.
Whereas before that in the budget of the year 2022-23, the government had announced to impose 30% tax and 1% TDS on the profits made on cryptocurrency. In such a situation, it is expected that the government may bring something special for the crypto industry and crypto investors in the Union Budget this year. However, there is a greater possibility that the government may give an update on the global crypto regulatory framework.
Experts also believe that the government may reduce the TDS on crypto to 0.01%, which is currently 1%. Now only the budget will tell whether the crypto industry gets relief from the government, or like last year, crypto investors face disappointment again.
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