Don't Be Cryptic

Gol should quickly decide on legality of crypto assets

For day after the budget ,messaging on vertical digital assets including crypto assets,remain mixed. FM brought VDAs into the tax net. Then came subsequent statement from both the political
Executive and bureaucracy that taxation does not automatically
Confer legitimacy. This was followed by officials saying that
Crypto assets are risky investments. For investors in particular and for a major economy with a flourishing startup sector and
Digital ambition,the messaging needs to be clearer.

The issue is very simple - does Gol consider VDAs,most important crypto assets,legal or not. This news has argued,as have several experts,that crypto products should be treated as an asset class,and regulated as such,which may include taxing capital gain.But if Gol feels otherwise ,it should quickly say so-and end the growing uncertainty.the same need for speed hold if

Gol- rightly-says crypto products are legal.Too much unnecessary water has flown under the crypto bridge already-from a committee saying crypto should be banned to a bill that was not tabled in Parliament to a Budget proposal that still leaves questions unanswered.Goal should settle the matter before the next financial year begins in April.

A clear and quick decision will also settle any confusion in the popular mind about the digital rupee,which is a sovereign currency,and crypto product,which are tradable assets.