Indians Lobby to Reduce 30% Crypto Tax Amid Industry Growth Potential
India's crypto industry is lobbying to reduce heavy tax burdens that have hindered domestic trading. Key points include:
- The industry aims to lower a 30% capital gains tax and a 1% transaction levy imposed in 2022.
- Over 90% of Indian traders have moved to offshore platforms due to these taxes.
- The market could grow from $2.5 billion to $15 billion by 2035.
- Prime Minister Modi's government is reportedly becoming more receptive to the industry's concerns.
- Engagement between industry stakeholders and policymakers has increased to weekly discussions.
- Foreign firms like Coinbase and Binance are looking to enter India's crypto space.
- Security issues, such as the $230 million hack of WazirX, have raised concerns among investors.
Industry representatives stress the need for favorable tax reforms to support market growth.