11 exchanges hit by regulators in India
The Indian authorities have launched an investigation into the cryptocurrency exchanges operating in the country. Violations were found and 11 digital asset trading platforms were fined for tax evasion.
According to the head of the Indian Ministry of Finance, the fines amounted to $12.58 million. Among the exchanges that received the fine were such large ones as CoinDCX (~$2.06 million), CoinSwitch (~1.81 million).
Also, about $1.88 million was paid in the form of interest and penalties. Pankaj Choudhary announced this in his letter to the Indian parliamentarians.
As you know, India actively regulates cryptocurrencies. This country often imposes bans on the exchange and sale of cryptocurrencies, the interaction of exchange accounts and the traditional banking system.
Also, since March 2022, new tax legislation has been in force in this country. Cryptocurrency traders will not be able to offset losses incurred while trading one digital asset with profits from trading another cryptocurrency.
From April 1, a 30% tax on income from cryptocurrencies will also be introduced. According to analysts, this will be a heavy burden for all cryptocurrency traders.
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