The cryptocurrency industry in India has identified an opportunity to push for better treatment from New Delhi, as reported by Financial Times on Tuesday.

Executives from crypto exchanges indicated that Prime Minister Narendra Modi’s administration has become more open to digital assets and started discussions since Donald Trump’s return to the U.S. presidency. Ashish Singhal, co-founder of CoinSwitch, remarked that the positive trends in crypto, attributed to Trump’s influence, have resonated in India as well.

The industry is requesting a significant reduction in the “very harshly” imposed taxes. Presently, crypto transactions incur a 30% capital gains tax and a 1% transaction levy, largely due to concerns that cryptocurrencies might be linked to criminal activities.

The Reserve Bank of India (RBI) has historically been a critic of cryptocurrencies, even prohibiting banks from serving crypto firms in 2018. This ban was later overturned by the Supreme Court in 2020. Current RBI governor Sanjay Malhotra has refrained from overtly condemning cryptocurrencies, indicating a shift from a previously negative stance to a more neutral one.

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