Close Menu
Finance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Facebook X (Twitter) Instagram
Trending
  • Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award From the Foundation for the National Institutes of Health – Company Announcement – FT.com – Financial Times
  • How Will $1 Billion XRP Accumulation Impact the Crypto Market?
  • At Paris Art Week, Dealer-Led Art Fairs Share Basel’s Spotlight
  • Wall Street muted and FTSE jumps as traders await Tesla earnings and digest UK inflation data
  • Is the Cryptocurrency XRP (Ripple) a Millionaire Maker?
  • Bolivia’s new president courts lithium investments
  • Need to solve homelessness and invest in arts go hand-in-hand, Bloomington official says
  • Brussels Parliament to confirm outgoing Finance Minister’s replacement on Thursday
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
Finance ProFinance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Finance Pro
Home»Cryptocurrency»Budget a missed opportunity, say crypto startups
Cryptocurrency

Budget a missed opportunity, say crypto startups

July 23, 20243 Mins Read


Crypto startups expressed disappointment with Budget 2024, as they had anticipated tax rate cuts on virtual digital assets (VDAs). Union Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors.”We had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space,” said Ashish Singhal, Co-founder of Lemonn and CoinSwitch.

Meanwhile, Vikas Singh, Co-Founder of NFTFN, said, “There was an expectation that the government would align its taxation policy with other asset classes to foster growth and investment. Regrettably, this opportunity was not seized, marking a missed chance to further support startups and investors within the crypto space.”

Currently, crypto investors in India are subject to a 1% tax-deducted-at-source (TDS) on every crypto transaction. Profits from cryptocurrency trading or asset transfers are taxed at 30%. Additionally, stringent rules prevent crypto losses from being set off against any other income, such as salary or business income, nor can they be carried forward to subsequent years. Only the cost of acquisition is deductible.

Sumit Gupta, Co-founder of CoinDCX, highlighted the industry’s ongoing efforts to advocate for a more favorable tax framework: “For investors, we had anticipated some relaxation to the taxation framework in this budget. We will continue to push for rationalizing the taxation framework, which includes reducing the TDS to 0.01%, allowing the setoff of losses on VDA transactions, and modifying the 30% tax on capital gains. We have submitted data-backed analyses on the flight of capital and users and the potential increase in government revenue should the taxation structure be revised. We remain hopeful that the government will consider our requests and implement changes in the future.”

Meanwhile, Edul Patel, CEO and Co-founder of Mudrex, offered a balanced perspective, “Finance Minister Nirmala Sitharaman’s decision to maintain the current tax rates on virtual digital assets (VDAs) has both pros and cons. On one hand, not updating the tax laws might deter new investors and slow the sector’s growth, as the current tax regime could be a barrier to broader adoption and investment. On the other hand, keeping the tax rates stable provides predictability for existing crypto investors, which can help support steady market growth.”

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)Whatsapp Banner

(You can now subscribe to our ETMarkets WhatsApp channel)



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How Will $1 Billion XRP Accumulation Impact the Crypto Market?

October 22, 2025 Cryptocurrency

Is the Cryptocurrency XRP (Ripple) a Millionaire Maker?

October 22, 2025 Cryptocurrency

1 Top Cryptocurrency to Buy Before It Soars 542% by 2028, According to Wall Street Analyst Geoff Kendrick

October 21, 2025 Cryptocurrency

Cryptocurrency, the Reactionary Impulse, and the Human Nature of Exchange | The American Spectator

October 20, 2025 Cryptocurrency

Greenlane Holdings Inc Announces $110 Million Private Placement to Initiate Berachain Cryptocurrency Treasury Strategy; Expected to Become One of the Largest Publicly Traded BERA Holders – ACCESS Newswire

October 20, 2025 Cryptocurrency

Cryptocurrency is still growing in SA, but it’s far from popular

October 20, 2025 Cryptocurrency
Add A Comment
Leave A Reply Cancel Reply

Don't Miss

Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award From the Foundation for the National Institutes of Health – Company Announcement – FT.com – Financial Times

October 22, 2025 Investments 1 Min Read

Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award…

How Will $1 Billion XRP Accumulation Impact the Crypto Market?

October 22, 2025

At Paris Art Week, Dealer-Led Art Fairs Share Basel’s Spotlight

October 22, 2025

Wall Street muted and FTSE jumps as traders await Tesla earnings and digest UK inflation data

October 22, 2025
Our Picks

Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award From the Foundation for the National Institutes of Health – Company Announcement – FT.com – Financial Times

October 22, 2025

How Will $1 Billion XRP Accumulation Impact the Crypto Market?

October 22, 2025

At Paris Art Week, Dealer-Led Art Fairs Share Basel’s Spotlight

October 22, 2025

Wall Street muted and FTSE jumps as traders await Tesla earnings and digest UK inflation data

October 22, 2025
Our Picks

Barclays near-quadruples provisions for motor finance scandal

October 21, 2025

Talk Art podcast hosts Russell Tovey and Robert Diament to celebrate the release of new book, Art School (in a Book), at Margate’s Turner Contemporary

October 21, 2025

Internationally acclaimed artist to open new art gallery in Exmouth

October 21, 2025
Latest updates

Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award From the Foundation for the National Institutes of Health – Company Announcement – FT.com – Financial Times

October 22, 2025

How Will $1 Billion XRP Accumulation Impact the Crypto Market?

October 22, 2025

At Paris Art Week, Dealer-Led Art Fairs Share Basel’s Spotlight

October 22, 2025
Weekly Updates

Get free after-hours access to Chelsea and Tribeca’s art galleries

July 10, 2025

Legendary rock singer’s art to be featured in Upstate NY gallery

May 17, 2024

RedX Pharma blames finance constraints for quitting stock market

April 2, 2024
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
© 2025 Finance Pro

Type above and press Enter to search. Press Esc to cancel.