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Crypto Industry Expects Simple Tax Structures, Compliance in Budget '25
The New Indian Express Vishakapatnam
|January 28, 2025
WITH Bitcoin prices continuing to rise and US President Donald Trump's order of creating a cryptocurrency working group, the virtual assets industry in India says the momentum is building up and that the country should remain in the forefront.
They expect the upcoming Budget to introduce a clear compliance framework and simplified tax structures.
Though in 2022, the Budget provided some clarity to the crypto ecosystem, it brought challenges with taxation. Edul Patel, co-founder & CEO of Mudrex said, "The 1% TDS on crypto transactions led many investors and traders to turn towards foreign exchanges, making it harder for the government to track activity. Additionally, the inability to offset losses against gains has further discouraged investor participation."
This story is from the January 28, 2025 edition of The New Indian Express Vishakapatnam.
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