Budget 2023: Strong Regulatory Framework Needed For Crypto

Crypto is an essential part of Web3- but the Crypto Bill has been pending for years. Although the tax part has been addressed, Web3, crypto assets, NFTs and the metaverse require a separate Bill for other regulatory matters.

Recently, BWA has recommended FM to highlight the impact of the existing tax provisions such as TDS, tax on income from VDAs, and not allowing carrying forward of losses on the wider industry and share its inputs on suitable amendments which can help address the concerns of the government and at the same time allow growth of Web3 sector. The government should frame strong regulations for the sector in light of the FTX crisis- especially for centralized bodies dealing with crypto.

(The author, Tarusha Mittal, is the COO and Cofounder, UniFarm and Dapps)