India's crypto industry lobbies for tax cuts, and outflows of transactions lead to policy relaxation

According to the Financial Times, the Mars Finance report reveals that the Indian cryptocurrency industry is actively lobbying the government to reduce the 30% capital gains tax and 1% transaction tax implemented since 2022. Currently, the high tax burden has caused over 90% of crypto transactions to shift overseas. With Trump potentially returning to the White House and publicly supporting digital assets, the Indian government's attitude towards the crypto industry is becoming more lenient. Communication frequency between the industry and policymakers has increased from semi-annually to monthly or even weekly. Accounting firm Grant Thornton predicts that India's crypto market size will grow from the current $2.5 billion to over $15 billion by 2035.