Indian Crypto Industry Seeks Tax Relief, Hoping to Boost Local Market

The Indian crypto industry is facing a significant shift in its regulatory landscape. Seeking tax relief, the industry hopes to reshape the future of cryptocurrency trading in the country. A major concern is the high tax burden imposed by the 2022 policy that included a 30% flat tax on capital gains and a 1% TDS on every transaction. This has led to a significant exodus of trading volume from Indian exchanges, impacting businesses, innovation, and potential regulatory oversight.