India’s crypto industry pushes for tax reform ahead of the Union Budget, citing discouragement of onshore activity due to high taxes and strict compliance. Exchanges argue for a balanced framework to support innovation while ensuring compliance. The sector seeks a reduction in transaction-level taxes and a review of loss set-off provisions to improve liquidity and participation within India.

As Indian crypto platforms face tighter enforcement measures, calls for tax reform intensify. The Financial Intelligence Unit introduces new KYC rules, including live selfie checks and geolocation verification. Tax authorities express concerns over tracking taxable crypto income from offshore exchanges, private wallets, and DeFi tools. The industry seeks a more pragmatic tax framework to encourage responsible investment and innovation.

Read more at CoinTelegraph: Indian Crypto Exchanges Push for Tax Changes Ahead of Union Budget