BWA urges Finance Minister to provide a level playing field

[TheUltraElite]

BWA stands for Bharat Web3 Association and it seems they have approached the finance minister with this proposition to make the balance in a recent news article.

Among the things they have asked for, rationalizing the taxation on crypto is something that everyone here can agree on.

But one thing I could not understand, they are asking to "level the playing field" as per the writers of this article - however who are they competing against? and for what? Or am I missing something here?

The entire news article can be read here - ‘Provide a Level Playing Field for Web3 Businesses’: BWA to FM Nirmala Sitharaman

[Bitcoin Smith]

But one thing I could not understand, they are asking to "level the playing field" as per the writers of this article - however who are they competing against? and for what? Or am I missing something here?

As far I read the article and how things going on crypto for India they mean "level the playing field" as competing against the developed countries probably like US so they are suggesting complete framework regarding VDA (Virtual digital assets) and they also brought crypto under these.

But they ain't looking to make anything better here for crypto, they justified the 30% crypto gains and 1% TDS brought more traders to India which is completely misleading information because they introduced these new regime in 2022 but until 2024 there were no improvement in it contradictingly the number of crypto users reduced in India they only attained these numbers when they shadowbanned every global exchanges including Binance and forced users to trade on Indian exchange or don't trade.

[pawanjain]

BWA stands for Bharat Web3 Association and it seems they have approached the finance minister with this proposition to make the balance in a recent news article.

Among the things they have asked for, rationalizing the taxation on crypto is something that everyone here can agree on.

But one thing I could not understand, they are asking to "level the playing field" as per the writers of this article - however who are they competing against? and for what? Or am I missing something here?

The entire news article can be read here - ‘Provide a Level Playing Field for Web3 Businesses’: BWA to FM Nirmala Sitharaman

I guess by leveling the playing field they mean to lower the tax rates and match it with the tax rates of stocks.
Currently the STCG tax is 15% and LTCG tax is 10% and so may be they are saying to make the crypto taxation the same.
That would be great though.

[Bureau]

But one thing I could not understand, they are asking to "level the playing field" as per the writers of this article - however who are they competing against? and for what? Or am I missing something here?

The BWA comprises of mainly Indian exchanges and some web 3 startups. They are mainly concerned about international exchanges that are still operating in India without following proper policies of the Indian government. They are trying their level best to get those users for trading back to Indian exchanges. All these exchanges are still not able to get those trading volumes as they used to get prior to capital gain tax and TDS.

That is why they are using the term "level the playing field". The outcome as per me will be that either we will see much more harsh regulation or we might see a reduction on tax. As per some media reports madam FM is in the mood to relax personal tax in the upcoming budget to lure middle class votes.

[pakhitheboss]

I have zero hopes! I have zero interest! I don't think we will hear anything positive. My argument is that why will they listen to these guys (BWA)? They as in the government is generating good revenue from taxes. We are living in a nation where we pay high tax, both direct & indirect across the globe. As an example, they never reduced the fuel price when COVID-19 hit which caused the oil barrel prices for the first time to hit the lowest price for the first time.  

That is why every middle class citizen in India are trying their level best to move out of this country. The brain drain is such a big problem in India because of so many unrealistic policies. The recent scam of NEET is the best example,  such scams encourage would be doctors and the high education fees to leave the country and study abroad.

[TheUltraElite]

As far I read the article and how things going on crypto for India they mean "level the playing field" as competing against the developed countries probably like US so they are suggesting complete framework regarding VDA (Virtual digital assets) and they also brought crypto under these.

That is the first competition, countries other than India and how they are running cryptocurrency related financials.

But they ain't looking to make anything better here for crypto, they justified the 30% crypto gains and 1% TDS brought more traders to India which is completely misleading information because they introduced these new regime in 2022 but until 2024 there were no improvement in it contradictingly the number of crypto users reduced in India they only attained these numbers when they shadowbanned every global exchanges including Binance and forced users to trade on Indian exchange or don't trade.

I sure dont like how they are keeping the taxation as it is and not protesting, they essentially want to run their products on Indian population, so they have to accept that tax burden.

Interesting to note that the shadow ban was not covered by major news media, as far I can recall.

I guess by leveling the playing field they mean to lower the tax rates and match it with the tax rates of stocks.
Currently the STCG tax is 15% and LTCG tax is 10% and so may be they are saying to make the crypto taxation the same.
That would be great though.

That is another competition, crypto vs traditional asset classes, which was also brought up recently to compare the 24x7 running of crypto with the limited 9:15-3:30 time slot everyday with holidays.

[avikz]

What I understand from the article - is that the association is asking our finance minister to create a legal framework which can help them to grow their business and to be able to compete with the global names in Web3. Probably that's what they are trying to mean when they say "level the playing field".

Crypto taxation in India is really a pain! This exorbitant amount of money really discourages the people to enter the crypto market. If India wants to shine in the crypto world, they need to restructure their taxation.