A large amount of India's encryption volume is flowing overseas, and the industry is calling for a reduction in high tax rates.

According to Gate News bot, the Financial Times reports that the Indian crypto assets industry is actively lobbying the government to drop the 30% capital gains tax and 1% transaction tax that were implemented in 2022. Data shows that these high tax rates have led to over 90% of Indian crypto transactions moving to overseas markets.

With Trump’s statement supporting digital currency, the dialogue between the Indian government and the industry has become increasingly frequent, increasing from once every six months to now once a month or even once a week.

According to data from the accounting firm Grant Thornton, the size of India’s Crypto Assets market is currently approximately $2.5 billion and is expected to grow to over $15 billion by 2035.