India Rethinks Crypto Taxes as Market Eyes $15B Boom
India’s crypto sector urges lower taxes amid predictions of a $15B market by 2035 and signs of softened government stance.
- India’s crypto lobby pushes for cuts to harsh 2022 tax rules.
- Government now engaging regularly with industry leaders.
- Crypto market forecasted to hit $15B by 2035.
India’s crypto industry is gaining ground in its push to revise the strict tax policies introduced in 2022. These included a 30% capital gains tax and a 1% tax deducted at source (TDS) on all crypto transactions. These heavy-handed regulations forced over 90% of local crypto trading activity offshore, effectively stalling domestic innovation and user participation.
However, the landscape is beginning to shift. Industry insiders report a noticeable softening of the government’s stance, especially in light of global political changes—particularly the growing pro-crypto sentiment surrounding Donald Trump’s potential return to the U.S. presidency. This geopolitical shift has played a role in nudging India’s policymakers toward a more open dialogue.
Today, discussions between government officials and crypto industry representatives are taking place at a much higher frequency—some even weekly—indicating a willingness to reconsider earlier positions.
A $15 Billion Opportunity by 2035
According to consulting firm Grant Thornton, India’s current crypto market is valued at around $2.5 billion. If the government follows through with regulatory reforms, this figure could balloon to over $15 billion by 2035. Such a surge would not only benefit tech startups and investors but also contribute to national revenues through better-regulated participation.
Industry leaders argue that more balanced tax rules could help bring trading back onshore, boost job creation, and reinforce India’s position as a key player in the global crypto economy.
What’s Next for Indian Crypto Investors?
While no official tax cuts have been confirmed yet, the increase in policy meetings and the industry’s growing optimism are clear signs of change. Investors and startups alike are watching closely, hoping that India will adopt a more forward-looking approach—one that balances regulation with innovation.
With a massive population, a young tech-savvy demographic, and increasing global integration, India is well-positioned to capitalize on the next wave of crypto growth—provided it gets the rules right this time.
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