Union Budget 2024 will impact crypto investors in India
On February 1, Indian Finance Minister Nirmala Sitharaman will present the Union Budget 2024–25, for which all sectors are expecting big relief. The sectors which will be most affected by the budget include big sectors like automobile, health, real estate. This budget is going to affect every person, general and special. In such a situation, every person has a lot of expectations regarding this. There is also a large influx of crypto investors in India, who are expecting a lot from the Union Budget. The issues on which Indian crypto investors are most hopeful include the tax and regulatory framework on crypto.
What are the expectations of Indian crypto investors from the Union Budget
Indian cryptocurrency investors have high expectations from the Union Budget 2024–25, which are as follows
Indian cryptocurrency investors are expecting that there may be some big announcement related to cryptocurrency in the budget, in which any update related to the regulatory framework being created under the chairmanship of India can be given by the Finance Ministry.
Crypto investors have been demanding for a long time to reduce the tax on crypto trading. In such a situation, they hope from the budget that the tax on crypto profits can be reduced from 30% to 10–15%.
For a long time, there have been reports of reducing the TDS imposed on cryptocurrencies from 1% to 0.01%. In such a situation, Indian cryptocurrency investors are hoping that a major decision can be taken in the Union Budget on TDS imposed on crypto.

Investors are hopeful that any update related to India’s Central Bank Digital Currency (CBDC) e-Rupee can also be given by the Finance Ministry, such as what is the current number of its retail users and how much its usage has increased. So that crypto investors can make their future plans regarding investment.
Crypto investors are also hoping that some information can be provided in the Union Budget regarding the next step of the Indian government regarding cryptocurrency, which may contain information about the further strategy of the government regarding those foreign crypto exchanges on which the government has recently taken action due to not being registered with the FIU.
Coingabbar believes that Indian crypto investors are also excited about the budget speech. In which investors expect that Finance Minister Nirmala Sitharaman will give her reaction on recent events related to the crypto market in her speech. Which includes the recent approval of 11 spot Bitcoin ETFs by the SEC.
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FBI Issued Advisory to Counter Crypto Scams in Investment
The cryptocurrency market is undergoing exponential growth, with tokens continuously gaining value and attracting new investors. However, this surge in interest has also led to a significant increase in crypto scams in the Investment sector. The Federal Bureau of Investigation (FBI) has raised warnings about this concerning trend and notes a 53 percent rise in crypto investment scams over the past year and it is in line with Immunefi's report on Crypto Loss.

Increase in Crypto Scams:

According to the FBI's latest report, fraudulent activities in the crypto investment ecosystem have resulted in approximately $3.94 billion in losses, marking a substantial increase from the $2.57 billion lost in similar scams in 2022. These scams primarily target inexperienced investors through social media platforms like Facebook and X, enticing them with promises of high returns on crypto-related investments. Scammers often employ fake websites and counterfeit tokens to deceive victims, ultimately leading to significant financial losses.
FBI's Advisory:

In response to the escalating threat of crypto scams, the FBI has issued a cautionary advisory to investors. While regulators in various countries are working to formulate rules to combat these scams, the FBI recommends that investors exercise vigilance. One crucial precautionary measure advised by the FBI is the implementation of two-factor authorization, which adds an additional layer of security to investors' funds and mitigates the risk of unauthorized transfers.
Context Amidst Market Dynamics:

The FBI's warning comes at a time when the crypto market is experiencing bullish sentiment, with Bitcoin reaching a new all-time high of $72,600. This surge in market activity has attracted a wave of new investors who may be unfamiliar with the risks associated with the crypto space. It is imperative for investors to heed the FBI's warning and conduct thorough due diligence before committing funds to any crypto token or investment opportunity.
Conclusion:

As the cryptocurrency market continues to evolve and expand, the threat of crypto scams looms large. The FBI's proactive stance in issuing warnings and advisories serves as a crucial safeguard for investors navigating this rapidly changing landscape. By remaining cautious, implementing security measures, and staying informed, investors can protect themselves from falling victim to fraudulent schemes and safeguard their financial assets in the crypto market.
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