India's Local Crypto and Web3 Advocacy Body Asked for Action Against Offshore Entities: Source
Summary
The Indian government blocked URLs of nine offshore exchanges and issued show cause notices after a request from the Bharat Web3 Association. The exchanges have two weeks to respond and were asked to register with India's Financial Intelligence Unit. The move follows the imposition of taxes on crypto profits, prompting Indian traders to move transactions offshore. The BWA also requested offshore exchanges to establish an Indian entity and comply with tax regulations. Indian exchanges seek a level playing field and advocate for investor protection.
