India’s Crypto Industry Seeks Tax Reductions Amid Government Discussions

The crypto sector in India is seeking more favorable regulations from the government, as reported by the Financial Times. Key points include:

Executives indicate that Prime Minister Narendra Modi's administration is increasingly open to discussions about digital assets.
CoinSwitch co-founder Ashish Singhal attributes positive developments in India's crypto landscape to Donald Trump's return to the White House.
The industry is advocating for a reduction in high taxes, currently set at 30% capital gains tax and a 1% transaction levy.
Concerns about criminal use of digital assets have fueled stringent tax policies.
The Reserve Bank of India (RBI) has historically opposed cryptocurrencies, having banned banks from serving crypto firms in 2018, although this ban was lifted by the Supreme Court in 2020.
Current RBI governor Sanjay Malhotra has softened his stance, with relations between the RBI and crypto sector shifting from negative to neutral.