24/7 Cryptocurrency News

Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement

New Taxation On Crypto Badly Affects India Crypto. After the India imposed 1% tax on all transactions, trading volumes have dropped.
Published by
Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement

While the plummeting trading volumes have already put Indian exchanges in a bad state, the country’s authorities made another move. India crypto space is under strict vigilance from authorities. The country’s Directorate of Enforcement (ED) is moving fast ahead in its probe into any possible foreign exchange crimes.

Advertisement

New Taxation On Crypto Badly Affects India Crypto

After the Indian government imposed a 1% tax on all transactions, trading volumes have significantly dropped on Indian exchanges. Indian crypto investors are already subjected to a high tax of 30% on profits. In a latest, the ED asked cryptocurrency companies for more information and documents as part of the investigation.

According to a report from The Economic Times, the ED sought more information on the transactions from several top Indian crypto companies. The Foreign Exchange Management Act (FEMA) rules allow the country’s authorities to seek the information. India’s FEMA rules provides for maintenance of foreign exchange market in the country.

The ED is reportedly examining all details of the offshore transactions made by the Indian exchanges. The Indian authorities are assessing as to how much of domestic funds went outside of the country. For that purpose, transaction histories and the companies’ relationship with foreign exchanges is under the radar.

The report quotes an ED official as saying,

“Information has been sought from the exchanges and in certain cases their executives have also joined the probe. The documents are being examined and if need be, they could be called again.”

Advertisement

Top Exchanges Get ED Notices

A representative from CoinDCX said the ED sent notices to major exchanges in India crypto ecosystem. The notices sought information and data on how the crypto platforms work. “As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end.”

CoinSwitch Kuber, another Indian exchange, also said it received queries from government agencies, as per the report. Crypto is an early-stage industry with a lot of potential and we continuously engage with all stakeholders, a company representative state.

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025
  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025