{"id":35461,"date":"2024-04-25T19:53:54","date_gmt":"2024-04-25T19:53:54","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/25\/web3-sector-seeks-regulatory-clarity-on-crypto-trading\/"},"modified":"2024-04-25T19:53:54","modified_gmt":"2024-04-25T19:53:54","slug":"web3-sector-seeks-regulatory-clarity-on-crypto-trading","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/25\/web3-sector-seeks-regulatory-clarity-on-crypto-trading\/","title":{"rendered":"Web3 sector seeks regulatory clarity on crypto trading"},"content":{"rendered":"
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The blockchain industry is seeking regulatory clarity<\/a> on cryptocurrency trading<\/a> in India and proposing that the government drafts legislation for monitoring digital assets<\/a> as global financial hubs such as the US, UK and Hong Kong embrace crypto assets<\/a> as legitimate trading instruments.
\u201cAs more than 80% of G20 members and financial hubs are offering regulatory clarity on crypto assets, there\u2019s an urgent need for a globally coordinated, clear policy framework on digital assets to mitigate risks and foster innovation,\u201d the Bharat Web3 Association (BWA) said in a press note on Thursday.<\/p>\n
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It proposed that the government either form a panel to discuss model legislation in consultation with the industry or release a discussion paper on the subject within the first 100 days of forming the new government after concluding the Lok Sabha polls next month.<\/p>\n

The Web3 industry body, which counts CoinDCX, WazirX, gaming platforms such as Hike, and other Web3 players like Liminal and Tax Nodes as its members said, the government must relook at crypto taxation as the levy has \u201cnot achieved its intended purpose\u201d of monitoring suspicious transactions.<\/p>\n

In India, cryptocurrency trades attract a levy of 1% tax deducted at source (TDS) as well as 30% capital gains tax without any provision of offsetting the losses. BWA urged that TDS must be reduced to 0.01% and other norms be rationalised.<\/p>\n

It also said that various departments must acknowledge that the web3 ecosystem is not just limited to crypto or Bitcoin.<\/p>\n

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\u201cIndia is home to over 1,000 Web3 startups, making it one of the largest ecosystems in the world, accounting for 12% of the world\u2019s Web 3 developers in 2023 from a 3% in 2018,\u201d it said. \u201cThe Web3 ecosystem, which includes a variety of blockchain networks like Ethereum, Polygon, Solana, and Polkadot, extends beyond just Bitcoin.\u201dTherefore, the Startup India initiative under DPIIT must expand the subcategorization beyond \u2018Bitcoin & Blockchain\u2019.<\/p>\n

The Office of the Principal Scientific Advisor may focus research in blockchain, DeFi, VDAs, and NFTs to spur innovation. \u201cIt may also examine blockchain’s role in enhancing other emerging technologies like AI, providing policy advice, R&D support, and pilot projects across various ministries and departments,\u201d BWA said.<\/p>\n

Dilip Chenoy, Chairperson, BWA said, \u201cWith over a 1000 startups operating in the burgeoning domestic Web3 space, India\u2019s immense Web3 talent is undeniable\u2026we hope the next government looks at our request and includes our asks in their immediate action plan to establish India as the global hub for Web3.\u201d <\/p>\n<\/div>\n


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The blockchain industry is seeking regulatory clarity on cryptocurrency trading in India and proposing that the government drafts legislation for monitoring digital assets as global financial hubs such as the US, UK and Hong Kong embrace crypto assets as legitimate trading instruments.\u201cAs more than 80% of G20 members and financial hubs are offering regulatory clarity […]<\/p>\n","protected":false},"author":2,"featured_media":35462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[25462,4251,38693,38690,38691,38692,12082,38689,5394,5113,5499,6059,38688],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/35461"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=35461"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/35461\/revisions"}],"predecessor-version":[{"id":35463,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/35461\/revisions\/35463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/35462"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=35461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=35461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=35461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}