Nearly five years after the RBI issued its notification barring banks from working with digital assets, India finally has regulations governing our industry. Crypto is here to stay!
As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman introduced two major updates to the government’s tax policy:
- Income earned from the transfer of virtual digital assets will be subject to taxation at 30%
- The RBI will introduce a blockchain-based digital rupee by the end of the current financial year.
What does this mean for India?
As of 2022, India has more than 15 million crypto investors. India also ranks second on Chainalysis’ Global Crypto Adoption Index, meaning this number is set to grow exponentially in the years to come.
The announcement signals a great step forward for the blockchain and crypto industry. With taxation in place, the government now recognizes crypto and crypto-trading to be a legitimate activity.
Clarity from the government will bring in not just a new wave of investors, but professionals willing to lend their expertise to the industry as well. A growing talent pool means we’re going to quickly see greater innovation and growth in the projects we work with.
We think it’s safe to say, crypto has officially hit the mainstream.
