OTC Crypto Trading: $10,000 Transaction Reporting to India's FIU

Yes, guys, if you do OTC trading on any exchange, then listen carefully, and if you don't, then listen even more carefully, because the news is huge. Look, if anyone does OTC on any exchange and if its value is 10,000 dollars, or in terms of Indian Rupees,

is over 944,000 rupees, then in that case, that exchange will now share your details with the FIU. Now, for example, understand that if anyone goes to an OTC desk and buys $10,000 of USDT or buys/sells Bitcoin, their record will now be shared directly with the FIU by the exchange. Earlier, only the exchange kept the record, but now…

What will this do? First, large transactions will be monitored. Second, illegal activities and money laundering will be monitored even more. Now, the biggest thing here is, do normal traders need to panic?

Because here, this 30% tax and TDS can go to hell.

Even if this 30% tax increases to 60%, there is no problem, even if it becomes 100%.

Even if TDS increases by another 5%, the FIU in India doesn't care about this.

Their focus is on how to collect more and more money here.

And it is a good thing, man, that monitoring is being done.

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