A survey of more than 1,000 digital respondents found 79% of Indians want more clarity on cryptocurrency and non-fungible token (NFT) regulations in the budget session of Parliament starting on Jan. 31, according to new survey findings

Fast facts

  • The survey, conducted by tax and advisory firm Grant Thornton Bharat, also found that 61% of Indians want a regulatory sandbox approach for decentralized finance (DeFi) innovations. 
  • However, 36% Indians believe the focus should be placed on improving crypto literacy, rather than government initiatives on DeFi.
  • IndiaTech, an industry body representing internet startups, had requested the finance minister earlier this month to provide crypto tax clarity in the upcoming budget. 
  • A crypto bill in India is unlikely to be introduced in the budget session as the government is looking to build consensus with industry stakeholders before proposing legislation.