Budget 2023 expectations: From regulatory frameworks to tax rebates, what crypto market wishes for?

livemint.com:

Finance Minister will hold a traditional halwa ceremony on Thursday ahead of the Union Budget 2023-24. The majority expect the upcoming budget to be populist ahead of the election next year. The cryptocurrency market is also awaiting Budget 2024 with great expectations, especially with hopes for some tweaks in the tax regime or new developments that could stir demand for them in India. Also, any clues on governance and regulatory framework for cryptos are likely to be welcomed with open arms.

The year 2022 has gone down the history with bitter shocks for crypto markets with the collapse of major stablecoins, illiquidity, bankruptcies of leading crypto exchanges, free fall in trading volumes, and extreme volatility among others. In India, crypto markets faced dual tax shocks such as a 30% plus surcharge and cess as well as a 1% TDS deduction on virtual digital currency, which did have its share of impact on both the market and investors.

While the current year 2023 is expected to be a cautious one for crypto investors, however, there are hopes that the Budget 2024 could give a much-needed boost to thrive ahead. Relaxation in the tax regime and regulatory framework is something the crypto market is keenly expectant from this budget.

Punit Agarwal, Founder of KoinX said, "If 2022 opened doors for tax, 2023 might open doors to a better and more optimized tax regime for crypto investors across India."

Agarwal cited that India has hinted at crypto regulations time and again over the past year. The G20 summit, hosted by India, specifically talked about regulation and the repercussions of a non-regulated market.

However, not just regulation, KoinX's founder also believes that the crypto market might also be seeing more