The India Blockchain Forum (IBF) has put forth some recommendations aimed at helping India become a global blockchain leader. The proposals come ahead of Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2024 on February 1.
With the 2024 general elections looming, the government’s last budget has to consolidate some growth because the measures likely to be introduced should boost output in different sectors.
To clarify the regulatory environment in this area, IBF strives to provide incentives or targeted benefits tailored specifically to startups and investors, allocating funding resources directed towards research and development with annotated human references.
IBF has called for implementing a clear set of blockchain regulations based on a risk-proportionate approach. It recommends setting up a regulatory sandbox for the controlled testing of innovations. This can encourage blockchain experimentation while protecting consumers.
The forum advises establishing blockchain academies across India to develop a skilled workforce for the Web3 industry. Educational blockchain courses can be introduced in technical institutes.
IBF says that Angel investor tax exemptions, tax holidays for startups, and other incentives can boost India’s blockchain startup ecosystem. Improved funding infrastructure is also required.
Significant investments in blockchain research and development activities are suggested. This includes funding pilot programs and test environments for innovative decentralized solutions.
India’s blockchain industry awaits decisive moves to cement the country’s status as a global blockchain leader. The IBF recommendations, if implemented, can accelerate growth in this promising sector.
Also Read: Crypto Community Eyes Tax Reforms in India’s Budget 2024
