Indians Lobby to Reduce 30% Crypto Tax, Industry Eyes 6x Growth in a Decade

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Oh là là! Crypto Tax Drama: Will India Join the Party? 🎉💸

Ah, mes amis! The illustrious realm of India’s crypto industry finds itself in a most peculiar predicament! With the weight of a 30% tax burden pressing down like a heavy cloak, our valiant investors are now raising their voices in a grand lobby, seeking to lighten their fiscal load. They look to the distant shores of America, where the Trump administration once danced with a more benevolent crypto spirit. Could it be that India’s crypto treasure, currently valued at a mere $2.5 billion, might swell to a magnificent $15 billion by the year 2035? One can only hope! 💰✨

For too long, the wise lawmakers of India have cast a wary eye upon the crypto market, fretting over tales of nefarious deeds and shadowy funding. Yet, whispers from the corridors of power suggest that Prime Minister Modi’s government is beginning to warm to the crypto cause, perhaps inspired by the flamboyant antics of Mr. Trump himself. Who knew a little foreign flair could spark such optimism? 😏

Frequent Chats with the Powers That Be!

Our gallant Ashish Singhal, co-founder of the CoinSwitch exchange, has noted a delightful shift in the winds of policy. No longer are the crypto stakeholders left to twiddle their thumbs; they now engage in lively discussions with lawmakers on a “monthly, if not weekly” basis! A far cry from the dreary biannual meetings of yore! 🎊

“Thanks to Trump, the positive momentum that has happened in crypto has impacted India as well. Now regulators are more closely talking to us, understanding what the space is,” Singhal proclaimed to the Financial Times, as if he were delivering a soliloquy on the grand stage of life.

What, pray tell, is the industry’s primary plea? A reduction in the “very harsh” taxes, of course! With a 30% capital gains tax and a 1% levy on every transaction, it’s no wonder that over 90% of Indian crypto traders have fled to offshore havens, seeking refuge from this fiscal tempest! 🌊

In the wake of Trump’s inauguration, the astute Ajay Seth, India’s economic affairs secretary, announced plans to revise a critical discussion paper that might just steer the ship of crypto policy in a more favorable direction. Will the winds of change blow favorably? Only time will tell!

Coinbase and Binance: The New Players in Town!

Lo and behold! The grand foreign firms, Coinbase and Binance, are now eyeing India’s crypto landscape with great interest. These titans are eager to stake their claim in a market projected to soar from $2.5 billion in 2024 to a staggering $15 billion by 2035, as foretold by the wise sages at Grant Thornton. Our friend Kush Wadhwa, a partner at Grant Thornton’s Indian arm, has declared:

“Competition has definitely started heating up. India doesn’t have any option but to adopt it, but the problem for them is money laundering and tax evasion — they’re not saying ‘don’t do it’, but they want a control on it.”

Alas, the crypto investors of India have faced trials and tribulations, not least of which was the infamous $230 million hack of the WazirX exchange, revealing cracks in the fortress of security. Coupled with the burdensome 30% taxes, our investors are now crying out for reforms that might bring them a glimmer of hope in these turbulent times! 🥳

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2025-05-27 11:08