India Budget 2022
Excellent step forward on the Virtual Digital Assets front by the Indian Government.
With the announcements on virtual digital assets, the Indian Finance Minister, Ms. Nirmala Sitharaman, has hit three birds with one stone.
The Government has signaled its fast evolving stance on the digital assets segment and its intent to regulate crypto as an upcoming sector for economic growth and digital innovation.
India has been a leader in the technology efforts in the segment and these pronouncements further cement the path to making India a thriving economic ecosystem.
Two, we believe that clear tax guidelines are the first step to further policy in an asset class. The proposal to include clause 47A defining a Virtual Digital Asset is an affirmative step in that regard.
Taxation will also provide vital info to the government about the transaction volumes and direction of flows to be able to make better decisions around future regulations.
Three, there is new-found legitimacy attached to crypto that will galvanize startups and new projects in this sector to choose India as the destination to operate from.
There will be much more to work together on and find solutions to. But in terms of setting direction, the FinMin has taken commendable steps towards this goal.
We are deeply appreciative and thank India’s Finance Minister for today’s pronouncement.
- Rajesh Arjunlal Jaisingh | Co-Founder — CoinWealth
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