Crypto startups seek clarity of operations from govt in Budget 2022

economictimes.indiatimes.com:

Crypto assets and blockchain are no longer a nascent fad for investors or the government. The number of homegrown startups engaged in the sectors is rising exponentially, despite regulatory uncertainties. The startups and the new age companies associated with the industry are seeking clarity from Finance Minister Nirmala Sitharaman in the upcoming Union Budget over issues like taxation, legislation, exemptions and regulations. They are keen for Sitharaman to acknowledge the potential of the industry and frame some clarity of operations to aid their operations and growth in the future. The Finance Minister will table the Union Budget of February 1.

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With more than 15 million crypto investors, India has emerged as the second largest global player in terms of crypto adoption, followed by a massive rise in NFT space and other startups. The crypto industry has witnessed unparalleled growth in India, and the country is positioned to achieve global leadership if we ride the wave, said Amit Nayak — Co-Founder, CEO — SahiCoin. Blockchain and crypto companies believe that India has the potential to emerge as a big player in the crypto market, being the youngest nation with huge startup growth prospects. «We believe and expect the government to take a progressive stance and help put in place a framework for large scale adoption, security, and responsible investing,» Nayak said. There has been a continuous debate of the regularisation of the crypto assets in India for quite a long time, with the centre mulling for a bill for the future course of