Recently, The Finance Minister Nirmala Sitharaman, anncounced the budget for 2022-2023. Here are some of the thoughts from startups and digital currency sector on budget of this year.
MetaSpace
Bibin Babu, Co-founder, MetaSpace commented, “It was certainly a growth budget, and the introduction of India’s own digital currency ensures the cryptocurrency industry’s future success. The tax provision of 30 per cent was announced in the Union budget 2022 for digital assets. No expenditure deduction except the cost of acquisition. It’s a win-win situation! Now, retail investors should no longer worry about whether they can invest in cryptos.”
MetaSpace
Mo Akram, Ideator, MetaSpace stated, “Union Budget 2022 confirms more crypto adoption on the way as it presents fine-tuned clarity on the crypto landscape. There will be a sensational boom for cryptocurrency as more emerging investor classes begin to recognize the potential of it, leading to more blockchain innovations. Yet another step towards positive crypto regulations and taxation clarity. ”
Colexion
Abhay Aggarwal, Founder and CEO, Colexion said, “Cryptocurrency seems to have caught the government’s attention after FM recognised the currency as virtual digital assets. However, the biggest eye-catching part is the government’s decision on crypto taxation. It is noteworthy to consider this move as a progressive step towards monitoring, authenticating and regulating the crypto ecosystem in the country and bringing possible transformations. The highlight of the Budget for me is that India will be launching its own digital currency by next year. It’s a historic move as people are finally clear that digital currency is here to stay and can make a rational choice while investing in cryptocurrency. I hope this catches on and banks, too, start getting involved with the crypto industry as well.”
Fluid Ventures
Amit Singal, General Partner, Fluid Ventures expressed, “Startups have got a boost in this year’s Union Budget. Among the many incentives proposed in the Budget is the reduction of voluntary exit, where the government has allowed the closure of a private limited company in six months of non-functioning. This will not only help accelerate and provide relief to startups wanting to shut a business but encourage them to experiment. Earlier they had to run the company for 18 months, even after closure, to avail of the benefit of the Fast Exit facility. The surcharge on Long Term Capital Gain (LTCG) has been capped to 15 per cent, which is again a good move to bring more HNIs into startup Angel investment.”