Increasing regulatory focus on cryptocurrency sector: Pre-Budget survey

New Delhi: A pre-Budget expectations survey on Saturday showed a growing demand for increasing regulatory focus on the cryptocurrency sector.

As per the Grant Thornton Bharat survey, nearly 79 per cent of the respondents feel that Budget FY23 should focus on regulating cryptocurrencies and NFTs.

Besides, more than 75 per cent of the respondents feel that the Budget should focus on green energy, Data Privacy Bill and public credit registry initiatives.

“The market survey clearly demonstrates the expectation for the government to be forward-looking by focusing on initiatives around evolving risks, that help strengthen stability and growth of the financial services ecosystem,” said Vivek Iyer, Partner-Financial Services, Grant Thornton Bharat.

According to the survey, 8 out of 10 respondents think green energy should be a priority sector.

“Around 78 per cent of the respondents feel that green energy should be included within the definition of priority sector for channelising credit to a domain that will need a high level of investments,” the survey report said.

“With focus on financial inclusion and neo-banking, around 77 per cent of the respondents feel that the Data Privacy Bill needs to be passed,” it added.

The respondents also voted for fiscal stimulus measures to mitigate the damages caused by the ongoing Covid-19 pandemic, but stood against moratoriums to be provided by the banking system, which reflects an underlying recovery sentiment.

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