Representatives of India’s cryptocurrency industry met with senior policymakers at the finance ministry in a bid to make them reconsider some aspects of the new crypto taxation policy.
IAMAI-BACC
The meeting was the first interaction between the crypto industry and policymakers since the finance minister Nirmala Sitharaman announced the crypto taxation policies during the national budget speech on Feb. 1.
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A formal board comprising eminent jurists, technical specialists and fintech compliance specialists oversee the implementation of a self-regulatory code. The self-regulatory code, which is already in place, includes voluntary compliance with anti-money laundering, combating against financing of terrorism, and know your customer regulations, and other company and taxation laws. India’s largest exchanges, WazirX, CoinDCX, CryptoBiz, WazirX and ZebPay, are among the members of BACC.
The recently convened Budget presented in the Parliament by Honourable Finance Minister, Smt. Nirmala Sitharaman, introduced a 30% tax on profits generated via virtual assets - which has extended towards clearing the gray area that virtual and crypto-assets have been in. Mr. Rahul Rathod, CEO and Founder of CryptoBiz Exchange says, “The tax levied on the profits is definitely considerable, but we can hope for a regulatory framework considering the collective effort we are putting through the IAMAI-BACC committee.
Rahul Rathod comments, “Blockchain technology and the applications supported by the technology are being used in the fields of science, medicine, engineering, administration purposes etc. It only shows how advanced and helpful this is. Cryptocurrency is only the tip of the iceberg and it creates a new asset class that can be used as an investment and trading option after doing proper research – considering the growth various virtual assets have seen in the past decade. As a part of the BACC along with the top Exchanges of India, CryptoBiz appeals to the authorities to consider setting up a regulatory framework sooner so the trading and investing community can comfortably trade. “
Since India has recognised the importance of blockchain, it is likewise important to address the importance of cryptocurrency in the future of digital payments and finance. As a result, the regulatory framework should be set up at the earliest. To ensure smooth functioning, the IAMAI-BACC brings possible solutions to unlock the potential that the crypto market holds.
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