FM Nirmala Sitharaman’s Interim Budget 2024 excluded any update on crypto regulations and taxes. This, while India continues to work alongside the G20 nations to formulate global regulatory framework on cryptocurrency and blockchain.
The Indian government has been going back and forth with the Indian crypto industry in the past few months to meet some of their demands.
The crypto industry too didn’t have hopes from this year’s budget considering it is an interim budget, ahead the upcoming elections. In their recommendations, the industry body Bharat Web 3 Association (BWA) asked for regulatory tightening of offshore exchanges, and represented its demand for rationalisation of taxes.
As per reports, BWA said that India leads in grassroots crypto adoption in the world and is the second largest market in terms of transaction volumes in 2023.