Crypto players seek clarity from Parliament Session

economictimes.indiatimes.com:

crypto industry is looking at the latest Parliament session, which commenced on Monday, with high hopes. The industry is hoping to get clarity on multiple fronts after the Budget announcements. Market participants said that the ambit of virtual digital assets (VDAs) is very broad in the Finance Bill, 2022. The market participants would look forward to receiving clarity on important aspects, including definition, taxations, and calculation. Even the Supreme Court of India had recently asked the Centre to make its stand clear on whether cryptocurrency trade or virtual digital currencies is legal in India or not.

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Vinu Peter Immanuel, Associate Partner, Link Legal, said: «we expect the government to spell out the framework for the proposed digital/virtual rupee and clear the air on the legal status of the private cryptos.» Digital gift cards, loyalty, or cashback points are a store of value, and with the ability to be stored electronically, it is unclear whether they would also be taxed as virtual digital assets, he added. Market experts said that a definition would stem the flight of crypto firms from India to favourable global crypto hubs like Dubai and Singapore, where they have set up an independent regulatory authority to oversee the crypto space. Crypto watchers said that a crypto Bill, which would take inputs from all stakeholders, is highly unlikely within this Budget session. Earlier this month, Finance Minister Nirmala Sitharaman invited crypto players to share their word in the consultation process over the crypto Bill. The government hasn't put all the cards on the table. Considering the