India Budget 2023 : No Tax Relief For Crypto Investors And Traders

Today is the day where the investors and traders are eagerly waiting for two of the important events that will mold the further days for the Cryptocurrency industry. The first is the FOMC meeting followed by Fed’s interest rate decision and next is India’s 2023 budget affecting future days of Crypto investors.

The Indian investors and traders have been looking forward to this year’s budget in terms of any change in the crypto regulation. However, it looks like the Indian crypto space has let down its investors as there is no change mentioned for the crypto. Just a few hours ago, the Indian Finance Minister, Nirmala Sitharaman placed the budget for 2023 where the Indian crypto investors and traders were taken aback after the budget mentioned no plans or tax relief for Crypto trading and other Virtual Digital Assets (VDA) for the Indian Space.

This move indicates that the Indian crypto investors and traders will continue last year’s crypto regulation. In 2022 India laid down the crypto tax slab where the investors and traders had to pay 30% tax on profits and a 1%tax deduction at source (TDS). Now, the same rules are set to continue even for 2023.

Nirmala Sitharaman : Crypto Regulation Should Be A International Priority

As per the reports, in the last nine months, Indian crypto investors and traders transferred more than $3.8 billion in trading volume from local crypto exchanges to international ones. The Indian crypto space was positive on some relief towards Crypto tax in 2023 budget, however they were let down today. The industry had demanded for a reduced TDS of 0.01% or atleast 0.1%.

Further while discussing the Crypto regulation bill, Nirmala Sitharaman has claimed that this should be an international priority. As per the Finance Minister, this will be discussed next month in the presence of all G-20 members ahead of the G-20 summit which will be hosted by India in 2024.