Proposal to 🇮🇳 Crypto community:
The Budget 2022 tax proposals will have significant impact on the 🇮🇳 Crypto Industry and all the stakeholders.
We have been actively urging Govt as community & Individually, but we don't have a formal structure.
(1/n)
twitter.com/0xSonuJain/status/1489187551269330945?s=20&t=v7HsUaKxdEJWLSJrklOJWw
Currently, There is just one formal body for Crypto in India viz. BACC. This body consists of crypto exchanges operating in India.
However, we have no formal body, voicing concerns or lobbying with govt to put forth the views of the Crypto community.
(2/n)
In such a case, it becomes difficult for Govt. to have a dialogue with the Community since there are no representatives of Investors.
The proposal is as below:
(3/n)
1️⃣ Community needs to set-up a Investor body (either as a trust/Society/Company)
2️⃣ The Objective of Investor body is to put forth views of community on regulations, help govt in decision making, Investor awareness activities.
(4/n)
3️⃣ Investor body will collect inputs from all stakeholders and present it in a formal structure to the govt.
4️⃣ Members of the body will be elected as representative by the crypto community through a transparent process.
(5/n)
5️⃣ The Ultimate goal is to have a body representing the general public and provide a platform for active dialogue with Govt.
This will not only help in positive regulations but on a larger scale will enable development of India as a crypto hub.
(6/n)
This proposal is a summary of how we as community can move ahead. I request the community to put forward your views & ideas on how to take this forward.
It is for "US" to help govt. understand potential & tech of Crypto,web3 and how it is Not gambling.
(7/n)
We all have been putting a lot of effort to ensure our voices reach the doors of Govt. Let's ensure we are HEARD!
Pls share ser's @CryptooAdy @CryptooIndia @simplykashif @NischalShetty @pushpendrakum @crypto_hanuman @acryptoverse @sumitkapoor16 @smtgpt @PareenL @sathvikv