India dey face crypto tax waka as traders dey shift go abroad and dey exploit loopholes, industry dey call for tax reform and tighter oversight

India crypto market dey under pressure as heavy crypto taxes like 30% capital gains tax and 1% transaction tax (TDS) wey dem introduce for 2022 don make trading move go offshore and plenty people dey evade regulation. Industry leaders dey ask for tax cuts and better regulation so dem fit revive domestic trading and make oversight strong. Traders don find many ways to dodge the 1% TDS: dem dey use offshore exchanges like KuCoin, MEXC, and Gate.io; dey trade for decentralized exchanges (DEXs) like Uniswap and PancakeSwap to avoid KYC and reporting; and dey do direct peer-to-peer (P2P) transactions for platforms like Binance P2P and LocalBitcoins. Some dey hide wallet-to-wallet transfer as gift wey no dey taxed. Because of this, 90% of Indian crypto assets dey offshore, and government TDS collections don drop 42% year-on-year. Wallet-to-wallet transfers don increase by 60% for 2024 according to Chainalysis, many times dem dey send am go offshore exchanges, showing say compliance still weak and tax people no get enough digital forensic skill. Regulators dey consider stricter KYC, joining global info exchanges like OECD’s CARF, and mandatory wallet registration. Until reforms happen, people go still dey exploit loopholes, e fit hurt market transparency and domestic compliance, but e fit keep offshore liquidity and P2P market alive. Any regulatory or tax change go affect Indian crypto traders and the country’s digital asset ecosystem well well.