India is tightening its grip on cryptocurrency taxation, introducing harsh penalties for undisclosed gains.
Under newly proposed amendments, digital assets will be classified alongside other taxable holdings, allowing authorities to impose retrospective assessments on undeclared profits. The policy, part of the Union Budget 2025, mandates that exchanges report transactions and subjects traders to backdated tax liabilities.
The crackdown follows investigations revealing nearly $97 million in unpaid taxes from crypto platforms, with Binance also facing scrutiny. Authorities may now impose penalties as high as 70% on earnings hidden from tax officials for up to four years.
Regulatory pressure has already reshaped the market, with Bybit suspending operations in India while seeking compliance approval. Meanwhile, similar enforcement is emerging globally.
The U.S. IRS will soon require exchanges to disclose crypto transactions, a move that has sparked legal challenges from industry groups opposing expanded surveillance of decentralized platforms.
As governments ramp up oversight, crypto investors may seek alternative trading avenues to navigate increasingly restrictive tax regimes.
Coinbase is gearing up to broaden its futures trading capabilities, introducing round-the-clock contracts for Solana (SOL), XRP, and Cardano (ADA) starting June 13.
A new report from blockchain analytics firm Santiment highlights which DeFi projects have seen the most developer activity over the past month—and the leaderboard has shifted in unexpected ways.
Shiba Inu’s Shibarium team has launched an internal investigation into alleged rug pulls carried out by actors operating within the network.
BlackRock is reportedly preparing to purchase nearly 10% of the shares in Circle Internet Financial Ltd.’s upcoming IPO, expanding its existing role as manager of the Circle Reserve Fund, which backs USDC with roughly $30 billion in assets.