While the Indian government’s announcement doesn’t mean crypto is legal, many in the industry view it as a step towards greater legitimacy for cryptocurrencies in the country
By introducing taxation, India has legitimized cryptocurrencies, and removed the fear of a ban on trading for some 15 million investors in the country. Leading up to the budgetary speech, India’s crypto industry had several demands, including a classification of cryptocurrencies, clarity on taxation, and a self-regulatory framework.
The words crypto or cryptocurrency were not directly referred to in the budget speech; the phrase “virtual digital asset” was used instead. “You can’t tax something which is illegal. Hence, this is a very positive move by the government and is very good for the industry. If there are tax clarities in this space, more money is likely to come in,” said Sidharth Sogani, founder and CEO of cryptocurrency research organisation Crebaco.
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