The 2025 union budget of India is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. With a plethora of expectations from the financial markets, anticipation from many sectors has begun to mount about what relaxations might be provided in the coming year.
In tandem with other financial markets, even the crypto industry is keenly eyeing the upcoming budget announcement in India, hoping for reforms in tax laws and regulator framework.
This would be the eighth consecutive budget that Nirmala Sitharaman will be announcing, and the second complete budget of Modi 3.0 government.
What is The Crypto Industry Eyeing in India’s 2025 Budget?
The crypto industry has had several difficulties, especially as a result of the hefty taxes that have been in place since 2022. At present, the entire industry is hoping that the government will acknowledge the necessity of a more advantageous regulatory framework for the industry.
This entails reducing the existing virtual digital assets (VDAs) 30% capital gains tax and 1% TDS to levels that support the development of new ideas and the expansion of the sector.
Shivam Thakral, CEO of BuyUcoin said “For 2025, we’d like to see policies that not only get people to invest but also bring talented folks
back to India, helping Web3 startups thrive. The government can make the most of blockchain technology and decentralized finance by setting clear guidelines and changing tax rules.”
Crypto Industry Eyes Upskill in Workforce
Apart from a reform in tax and rules, the Web3, Blockchain and crypto sectors in India are also hoping that the government recognizes the growth potential of the realms and investors towards the upskilling and infrastructure of the sector.
“To become a worldwide leader in this field, India must take steps to upskill its workforce in Web3 and blockchain technology” said Anish Jain, Founder, W Chain.
He adds “Additionally, Web3 infrastructure support and an assistance in the creation of scalable and reliable blockchain infrastructure, such as fast internet access and reasonably priced cloud computer resources are also required.”
India’s Crypto Stance Creates Waves Across Globe
Gracy Chen, CEO at Bitget states that countries all across the world are keenly eyeing India’s position on crypto legislation. At present, it is essential for the expansion of the global cryptocurrency ecosystem as well as the nation’s rise to prominence as a commercial and financial center.
“The 2025 budget’s balanced approach could offer enormous opportunity for financial inclusion and innovation in the cryptocurrency space. The widespread acceptance and transparency of cryptocurrencies can be increased by lowering the currently assumed high taxes on digital assets,” Gracy Chen adds.
To guarantee that this sector grows responsibly, cooperation between legislators and business executives will be crucial in the coming year.