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Tech association lobbies government to only allow Made in India crypto exchanges

It also gave the government pointers on how to decide taxation of crypto assets, starting with its classification under the law.

IndiaTech, a tech industry association whose members include Zebpay, CoinDCX, Coinswitch Kuber, and WazirX, wants the Indian government to only let registered or founded-in-India cryptocurrency exchanges operate such businesses. In a letter viewed by MediaNama, IndiaTech also requested the Finance Ministry to clarify taxation around crypto assets in the upcoming Budget Session. It further argued that by allowing only "Indian founders to operate such businesses", the country will be able to save money that would otherwise have to be paid to foreign exchanges. "It is recommended that minimum ownership of 26% by Indian founders/entities in Crypto exchanges like the practice followed in the banking sector in India (FDI cap at 74%)," the letter read. Before the Indian government brings in legislation to regulate the crypto industry, it is necessary to take into account the recommendations of all stakeholders for achieving a balance between compliance with laws and promoting the industry. Enable necessary provisions in direct tax laws: IndiaTech Seeking clarity on taxation around crypto assets, IndiaTech urged the government to formally name crypto assets in tax laws. "The budget document should also name and classify cryptocurrencies to be defined as digital assets and not currencies and grant them recognition as digital assets," the letter read. Here are a few other recommendations — Regarding direct tax laws: "Enable necessary provision in the Direct Tax laws to render recognition and treatment under the head of Income 'Profit and Gains from Business and Profession' or 'Income from Capital Gains' depending on the kind of…

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