India has over 10 million cryptocurrency users and the market size has crossed Rs 6 lakh crore, according to the Blockchain and Crypto Assets Council. Till recently, the cryptocurrency segment in India was unregulated. However, during Budget 2022, Nirmala Sitharaman, the finance minister of India, announced a 30 per cent tax on virtual digital assets such as cryptocurrency. This tax has come into effect from April 1 this year.