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For many crypto holders the notification that the crypto exchanges are likely to be banned is shocking. Almost all the crypto exchanges require the users to verify their identity, usually with their tax identification number before they can use it.
For example BINANCE requires users in India to provide their Permanent Account Number (PAN), tax identification number. They also have to verify the PAN using their Aadhar card, mobile number.
Only after the user account is verified, the Indian users are allowed to use the Binance services for receiving or selling crypto.
So the crypto exchanges already have all the tax related information of the users.
It would be interesting to find out what the exchanges are doing with the PAN, Aadhar data which they are collecting , if they are not sharing the information with government agencies.
While wealthy and salaried crypto users may be trading crypto, small online businesses are using Binance and other exchanges as an alternative to PayPal. Taxing these small businesses at 30% is very regressive, especially when business revenues are very low. The KYC procedure of the crypto exchanges is better than that for PayPal, where cheater housewives and other frauds are getting monthly government salaries since 2010, for faking PayPal account ownership using stolen data.
If government agencies hire or consult the real users, instead of hiring fake experts who are mainly the relatives and friends of top government officials, they can take the right decision, avoiding inconvenience, losses to a large number of Indian citizens.
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