India expecting International Cooperation on Crypto Regulation

This year 2023 has started on a good note for the crypto community in India. We have been hearing a lot in India about Crypto where the government is not showing a positive interest in the cryptocurrency market. This is not a new thing and slightly we are familiar with the arrangement. There have been multiple news updates in the past where the government kept on sharing the update that they are exploring the possibilities which are to however they did not give the hint to reduce the taxation.

Even this year during the budget the finance minister has not discussed Crypto. It was expected that she will be discussing it but it did not happen and later she provided the reason why she did this. She mentioned in a statement that the government is exploring blockchain and Crypto in detail to understand it better and how it can be made easy for the people. During the G20 summit, they shared an update that they are expecting the global collaboration to bring regulation on cryptocurrencies.

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The good thing is that now they are not talking about the ban and anything negative about Crypto instead their approach is more on the positive side. This sounds good and even looks positive because now probably we are going to see something which can help the community get better regulation by the government and even a positive environment altogether. The tax arrangement is the same as last year and there is no change in that till now. Even this is going to be the same for the entire financial year which will be starting from April month onwards.

User, I expect that the Indian government should explore all the positive sides of crypto and make proper rules that can empower the companies and people dealing in cryptocurrency. I agree that there has to be some regulation in place to avoid misuse but at the same time, it is also important to create a favorable environment where trading should be easy.

I hope if the situation continues like this then we can see better regulation and that two a possibility of getting some tax reduction in the future. Although it may not be easy as it seems because there is a lot to happen. I am keeping a close eye on the update from the G20 summit and how these things are discussed and shared in media. I like this changed approach of the finance minister and hope that it will bring more positivity to the Crypto segment in the country.

Thank you so much
Stay Safe

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