{"id":29033,"date":"2025-05-28T14:32:06","date_gmt":"2025-05-28T14:32:06","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=29033"},"modified":"2025-05-28T14:32:06","modified_gmt":"2025-05-28T14:32:06","slug":"indian-crypto-industry-pushes-for-tax-relief-as-govt-stance-softens","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=29033","title":{"rendered":"Indian Crypto Industry Pushes for Tax Relief as Govt Stance Softens"},"content":{"rendered":"<div>\n<p>The Indian crypto industry is ramping up its lobbying efforts to reduce taxes levied on crypto trading. According to a Financial Times report <a class=\"general-link\" href=\"https:\/\/www.ft.com\/content\/528de801-fe00-4e36-a3aa-1080937b646e\" target=\"_blank\" rel=\"noopener nofollow\">published <\/a>on 27 May 2025, the industry hopes to capitalise on a more open-minded attitude towards crypto from the Indian government, as the country engages in trade negotiations with the US.<\/p>\n<p>Ashish Singhal, founder of CoinSwitch, a crypto exchange based in India, mentioned that exchanges with Indian policymakers have become more frequent. \u201cWe\u2019re now meeting monthly, sometimes even weekly,\u201d he said, unlike meeting biannually in the past.<\/p>\n<p>The main request from the industry leaders remains a reduction in what Singhal described as \u201cvery harshly\u201d imposed taxes.<\/p>\n<p>The crypto industry, which faced marginalisation for the longest time due to concerns regarding its links to criminal activity, is now gaining momentum as executives from major exchanges in India reveal a notable shift in government engagement, especially after Donald Trump\u2019s re-election and his pro-crypto stance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/1f1ee-1f1f3.png\" alt=\"\ud83c\uddee\ud83c\uddf3\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> India considering crypto policy changes <\/p>\n<p>30% tax and TDS rules could be revised to match stock market regulations<\/p>\n<p>Big if true! Indian <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#crypto<\/a> traders might finally get some relief <a href=\"https:\/\/t.co\/8Qc67b8xd8\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/8Qc67b8xd8<\/a><\/p>\n<p>\u2014 Kiran Gadakh ( crypto.kiran ) (@kirangadakh16) <a href=\"https:\/\/twitter.com\/kirangadakh16\/status\/1886052088855023897?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 2, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Currently, crypto transactions in India are subject to a 30% capital gains tax and a 1% tax deducted at source (TDS). The government introduced these taxes in 2022 to help improve traceability and curb illegal use of this asset class.<\/p>\n<p>However, as per a <a class=\"general-link\" href=\"https:\/\/static1.squarespace.com\/static\/5bcef7b429f2cc38df3862f5\/t\/66a9dbbfd5352259198c0acc\/1722407889670\/Esya+Centre_User+Engagement+in+Traditional+Financial%2C+Crypto+and+Stablecoin+Markets+in+India.pdf\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> by Esya Centre published in July 2024, these taxes have resulted in driving over 90% of the Indian crypto traders offshore.<\/p>\n<p>Singhal proposed that a lower transaction tax of 0.1% could ensure traceability without stifling the market.<\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Best New Cryptocurrencies to Invest in 2025<\/a><\/p>\n<h2><strong>Trump\u2019s Pro-Crypto Policy is Influencing the Indian Stance Indirectly<\/strong><\/h2>\n<p>Coinbase, which recently re-entered India, sees Trump\u2019s presidency and pro-crypto stance boosting crypto momentum globally.<\/p>\n<p>Tom Duff Gordon, the company\u2019s vice president of international policy, said that the government of India realises that it cannot realistically achieve an outright ban on crypto.<\/p>\n<p>He explained, \u201cWhile tax cuts aren\u2019t our immediate priority, we believe a balanced policy could grow the tax base and help repatriate offshore trading activity.\u201d<\/p>\n<p>Platforms like Coinbase and Binance, which recently reopened in India, are eyeing the Indian crypto market, expecting it to grow from $2.5 billion in 2024 to over $15 billion by 2035, based on an analysis by the accounting firm Grant Thornton.<\/p>\n<p>Grant Thornton partner Kush Wadhwa further explained that, \u201cIndia can\u2019t ignore crypto, but the government\u2019s concerns remain around tax evasion and money laundering. It\u2019s not a ban; they just want better control.\u201d<\/p>\n<p>Despite the perceived advances, the crypto lobby in India remains disappointed. The Bharat Web3 Association condemned the lack of tax relief for digital assets when the February budget was announced, and the CEO of the Bangalore-based cryptocurrency exchange Mudrex, Edu Patel, called the tax regime a deal breaker.<\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/high-risk-high-reward-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">9+ Best High-Risk, High-Reward Crypto to Buy in May 2025<\/a><\/p>\n<h2><strong>Reserve Bank of India Remains Cautious<\/strong><\/h2>\n<p>Historically, the Reserve Bank of India (RBI) has been the strongest opponent of the crypto industry, with a deputy governor likening crypto to Ponzi schemes in 2022. The RBI had even banned banks from servicing crypto firms, which was later reversed by the Supreme Court.<\/p>\n<p>The RBI had suggested in December last year that the crypto industry posed a risk to the financial stability of the country, but since then has softened its stance.<\/p>\n<p>The new RBI governor, Sanjay Mishra, has refrained from directly criticising the crypto industry, stating that the central bank is awaiting the government\u2019s updated policy paper.<\/p>\n<p>Changing public perception remains a hurdle. Suril Desai, who leads the technologies team at Nishith Desai Associates, a law firm that fought the RBI\u2019s attempt to ban crypto, said, \u201cMany Indians still believe crypto is illegal.\u201d<\/p>\n<p>However, there is a strong interest among young Indians to invest in digital assets.<\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-1000x-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">10+ Crypto Tokens That Can Hit 1000x in 2025<\/a><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h2>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        High taxes have resulted in driving over 90% of the Indian crypto traders offshore    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The Indian crypto market is set to grow from $2.5 billion in 2024 to over $15 billion by 2035    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Many Indins still do not trust crypto, thinking that the asset clas is illegal    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/indian-crypto-industry-pushes-for-tax-relief-as-govt-stance-softens\/\">Indian Crypto Industry Pushes for Tax Relief as Govt Stance Softens<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Indian crypto industry is ramping up its lobbying efforts to reduce taxes levied on crypto trading. According to a Financial Times report published on 27 May 2025, the industry hopes to capitalise on a more open-minded attitude towards crypto from the Indian government, as the country engages in trade negotiations with the US. Ashish [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-29033","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29033"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29033\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}