Overview

• India is reviewing its cryptocurrency stance due to changing global attitudes, including the U.S.'s recent crypto-friendly policies under President Donald Trump.
• The country's discussion paper on digital assets, originally set for September 2024, has been delayed as officials reconsider regulatory approaches.
• India's 2025 Union Budget maintains stringent crypto taxes, including a 30% tax on gains and a 1% Tax Deducted at Source (TDS) on transactions, with no exemptions or deductions.
• New budget amendments propose retrospective audits on crypto gains from the past 48 months, with penalties of up to 70% for unreported earnings.
• Industry leaders have expressed mixed reactions, urging the government to prioritize regulatory clarity and friendlier policies to support innovation and economic growth.