With India’s finance minister Nirmala Sitharaman set to place the budget for 2023-24 soon, the crypto community is hoping for relief in the tough crypto tax stance. The Union Budget 2023 will be placed in the country’s Parliament on February 1, 2023.

The crypto community is hoping that the upcoming budget session brings some respite in terms of crypto tax. Amid a lack of clarity on trading of cryptocurrencies and its regulatory framework, the high tax on virtual digital assets is plaguing the prospects of the industry in the country. The country’s authorities are yet to provide clear guidance on how crypto companies should register and operate in its jurisdiction. This is even more important considering the risk of increased migration of companies from India.

(By Anvesh Reddy)