Here's how crypto exchanges are reading FM's 30% taxation announcement

economictimes.indiatimes.com:

crypto exchanges and trading platforms cheered the announcements made by Finance Minister Nirmala Sitharaman over the taxation of virtual assets in Union Budget 2022. The Finance Minister announced taxation on gains arising from the sale of virtual assets at a flat rate of 30 per cent in her Budget speech, without any deductions to be allowed on these gains. The government also laid out the detailed provision over tax deducted at source (TDS) at a rate of 1 per cent levied on payments made on transfer of digital assets. Ashish Singhal, Founder and CEO, CoinSwitch and Co-chair Blockchain and Crypto Assets Council (BACC) said, we welcome the government's decision to introduce central bank digital currency (CBDC) to accelerate digitization.

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«We hope to work with the government to help bring crypto-asset taxation at par with other asset classes and participate in the central government’s vision to promote economic growth,» he added. The majority of the industry players are delighted by the words of the Finance Minister, who gave a formal acknowledgement to the crypto industry. Though a few of them are worried about the higher taxation. «The budget is forward-looking and inspirational. It has touched key points that'll help us create modern, powerful, digital, and sustained growth. We welcome the budget and congratulate the Finance Minister for a futuristic budget,» said Sumit Gupta, co-founder and CEO, CoinDCX. Taxation of Virtual Digital Assets or Crypto is a step in the right direction