Sandeep, the co-founder of Polygon Blockchain, says that a regulatory body should be formed to monitor and advance the crypto industry in the country. He said that representatives of Reserve Bank of India (RBI), GST Council and Finance Ministry should be involved in this.
The blockchain industry supporting the cryptocurrencies and Web3 related segments is growing rapidly in the country. Sandeep said that a new task force headed by the Finance Ministry can discuss this with the people associated with the industry. CoinDesk quotes Sandeep Told“The Finance Ministry should lead this task force and give clear instructions to other institutions that any crypto-related matter will be dealt with only by the Crypto Task Force.” Having a regulator will give blockchain firms an opportunity to discuss upcoming plans with financial and security experts in the country so that they can act in accordance with the law.
Despite being created by Indian developers due to the unclear regulatory position, Polygon does not have any office in the country. The law for crypto is not yet implemented in the country. However, from the beginning of this month, the central government has allowed digital assets to be tax brought within its scope.
Profits from crypto trading will be taxed at 30 percent. Apart from this, TDS of one percent has also been implemented on every crypto transaction. Violators of these rules can be in trouble. Violators of the new crypto law can be imprisoned for up to seven years. According to an estimate, over 100 million people in the Indian subcontinent hold cryptocurrencies. This is about 7.3 percent of the population of India. The central government recently said that it is not considering giving any tax exemption or benefit to crypto miners and other people associated with the industry. These people can spend huge sums of money to run the crypto-connected ecosystem. However, there is resentment in the crypto industry about this attitude of the government because the equipment used in crypto mining is expensive.