India Intensifies Crypto Tax Enforcement with 44,000 Notices
Indian authorities have issued over 44,000 tax notices to cryptocurrency traders for failing to report gains, uncovering ₹888.82 crore ($99.9 million) in undisclosed income. The crackdown, part of broader anti-money-laundering efforts, has led to the seizure of ₹4,189.89 crore ($46.6 billion) in crypto-linked assets.
While cryptocurrencies remain unregulated in India, the government is actively monitoring the sector. Officials emphasize the need for international collaboration to effectively regulate borderless digital assets. "Any regulatory framework for crypto assets can be effective only with significant international coordination," authorities noted.
The enforcement action signals the end of an era where crypto trading could fly under the radar. With heightened scrutiny, traders are now facing consequences for non-compliance, marking a pivotal shift in India's approach to digital asset oversight.
