Hello friends,
I am doing good, and I hope you are having a good time with your near and dear ones.
I hope that this is good news for the Indian crypto community. A few weeks before we saw how your coin crypto exchange announced that they are registered in India. They have also started deducting tedious on the TDS according to the rule. This is not a tax liability but a rule for the Indian government to track the transactions and every compliant exchange has to follow this practice.
Now Binance crypto exchange is returning to India and its obvious that they will be FIU compliant. This can be good news for those waiting for the exchange to start its operation again in the country. There can be one bad news for Indian crypto users because this exchange might share records with the government. It means if you have not paid the taxes on your crypto income then you might be in trouble because now the government may work on the data to figure out who are the people who haven't paid taxes. It may happen or it may not that we cannot say this time.
According to news sources, the exchange has paid $2 million to the Indian government as a penalty for restarting its business in India. There is no option for any international exchange to do business in India if they are not compliant with government rules and it is good that this big exchange has decided to get registered in the country. It is known that the rules for crypto in India are not user-friendly but getting more exchanges listed and registered in the country may push for the government to think again. I have an account in this exchange but was not able to access it because it was blocked and I did not want to use a VPN service. I don't keep any funds there because I don't believe in keeping the funds on the exchange wallet if I don't trade. Even they shared an update on Twitter that using a VPN might block the account because their system could track it as a suspicious attempt.
People who have not paid taxes might be worried about this news because if the exchange shares historical data with the government it can be a problem. The other exchange has not shared any data and they are not going to do so I think this exchange should also follow the same practice if it is possible for them. They have paid a big amount as a penalty which also shows that the exchange is interested in being part of this market and they want to cater for the customers in the Indian crypto market. Indian crypto market is big and this is why these exchanges are trying to have their skin in the game in this market so that they do not miss this revenue generation opportunity especially when the bull run is around. Now it's time for us to wait and watch that how things will be unveiled in the coming months. What do you say?
Thank you
