Budget 2022: Experts exhort Centre to regulate crypto trades

cnbctv18.com:

Even as Union Finance Minister Nirmala Sitharaman is set to present the annual Budget on February 1, experts have called for regulation of cryptocurrencies and exhorted the government to treat them as capital assets with a “reasonable” tax regime.While the sector has grown exponentially over the last few years in India, with buying selling of the digital currencies and altcoins and legalising cryptocurrency exchanges, the government has yet to bring in a law regulating the sector.The government was expected to introduce a bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” to regulate cryptocurrencies in the Winter session of the Parliament but did not do so. Instead, it is now expected to be tabled in the Parliament during the Budget session that starts on January 1 and ends on April 8.Pratik Gauri, CEO, and Founder, 5ire, said the government has a responsibility to protect people from investments that are sensationalised, and while risk-taking is every investor’s right, a measured hand where investment and holding parties responsible—go hand-in-hand.“Laissez-faire has never worked in populations where every rupee is hard-earned, and we are a nation of hard-earners.

Even in terms of governance, the Indian government is looking long and hard at accountability. So, taxation and regulation of investment falls under its purview, and I think, thus far, the government has done a remarkable job of balancing the need to encourage investment for innovation and the restriction on gaining from wild speculation,” he said.He added that all gains from cryptocurrencies are taxed heavily across the globe and that asking to pay a fair share of taxes on the gains in crypto markets is just part of the