Regulation
What Cryptocurrency Regulation Could Bring in 2024
Amitoj Singh (India): The world’s largest democracy will go to elections next year and by June 2024, according to current state electoral trends And pollsNarendra Modi will return as Prime Minister of India for a third term. With this, the same policies represented by his party, the Bharatiya Janta Party, are expected to be maintained. This would mean that India’s controversial and strict cryptocurrency taxation policy may not see any changes in 2024. A study by a think tank supports reduce taxes – a 30% tax on cryptocurrency profits and a 1% tax deducted at source (TDS) on all transactions. The cryptocurrency industry has also advocated for changes. But Modi’s government has given no indication that it wants to change this policy. As for a bill specific to cryptocurrencies or Web3, Jayant Sinha, one of India’s top lawmakers from Modi’s party overseeing the nation’s financial evolution, has already said it wouldn’t happen anytime soon and perhaps not before mid-2025. As a result, in 2024, crypto enthusiasts in India may not have much hope for a reduction in tax policies, but they will be looking for piecemeal measures for the Web3 and blockchain industry that will fit into the country’s continued efforts towards digitizing its future. The Modi government has already done Encouraging measures for space while maintaining a separate strict policy for crypto assets. I will keep an eye on two separate budget presentations in the Indian parliament, one before the elections and one after, to see if India prioritises development of global crypto framework as president of the Group of 20 nations (G20) in 2023, becomes its own national legislative priority. As suggested in 2022I have been closely following the Modi government’s 2023 budget presentations and its work at the G20. I have also been watching whether the Indian central bank’s hopes of launching a large-scale central bank digital currency (CBDC) would come to fruition. They have not. However, wholesale and retail pilots have shown promising results and their Progress, including privacy concerns, could be a focus of 2024.