“You can never guess what the government will say in the budget speech,” said Subhash Garg, former secretary in the Finance Ministry’s Department of Economic Affairs, and the man at the helm of the government’s first report to propose actions concerning cryptocurrencies.
Spokespersons of exchanges have been going on television channels and speaking to the media about what their wishlist is, even if the possibility of any mention is unclear. “There has been a lot of new activity, trading, investors and the government has also taken part in discussions. It is now too big to be ignored,” Gupta said .In the event that India’s finance minister does address cryptocurrencies in the budget speech, exchanges appear to have some universal demands.
According to Gupta, policy discussions suggest categorizing cryptocurrencies is “headed in the direction of crypto-assets.” This categorization goes hand in hand with clarity on taxation. In his view, cryptocurrency purchase, sale and trade transactions could be regulated at the exchange level, with compliance requirements enforced on these trading platforms.
The exchanges though think it is unlikely the government will touch upon or elaborate on its licensing position in this budget.
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