Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025, we at BuyUcoin hope to see big steps forward for India's Web3 industry. The cryptocurrency sector has faced numerous challenges, particularly due to the high taxation imposed since 2022. We think the government will recognize the need for a more favorable regulatory environment, which includes lowering the current 1% TDS and 30% capital gains tax on virtual digital assets (VDAs) to levels that help the industry grow and come up with new ideas.
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. We believe that if the upcoming budget includes helpful measures, India can become a world leader in Web 3. This is an opportunity for the government to solidify its commitment to building a strong digital economy that benefits all stakeholders involved.
Anish Jain, Founder, W Chain
The upcoming Union Budget presents a critical opportunity to foster innovation and growth within India's burgeoning Web3 sector. We expect the government to consider several key measures, including:
Clearer regulatory framework: A well-defined regulatory framework that encourages responsible innovation and fosters a conducive environment for Web3 businesses to thrive.
Tax incentives for R&D: Incentives for research and development in blockchain technology can drive innovation and attract talent to the sector.
Focus on skill development: Initiatives to upskill the workforce in blockchain and Web3 technologies are crucial for India to become a global leader in this space.
Support for Web3 infrastructure: Supporting the development of robust and scalable blockchain infrastructure, including high-speed internet connectivity and access to affordable cloud computing resources.
We believe that a supportive regulatory environment and targeted policy measures can unlock the immense potential of Web3 technologies and position India as a global hub for blockchain innovation.
Specifically for W Chain, we expect the government to recognize the potential of blockchain-powered payment solutions in driving financial inclusion and boosting economic growth. We look forward to contributing to India's journey towards becoming a global leader in the Web3 revolution.
Gracy Chen, CEO at Bitget
India's stance on crypto regulation is being followed by nations worldwide. It is vital for the global crypto ecosystem's growth and for the country's dominance into becoming a financial and business hub. A balanced approach in the 2025 budget could provide immense potential for innovation and financial inclusion for crypto. Reducing the currently implied heavy taxations on digital assets can increase mass adoption and transparency for crypto. At Bitget, we see India as a key market for crypto growth, and regulatory clarity can help build an environment for secure and inclusive financial solutions around crypto. Collaboration between policymakers and industry leaders will be essential to ensure this sector thrives responsibly.
