Union Budget 2026: Crypto exchanges face penalties for bad reporting
Business
The Union Budget 2026 is turning up the heat on crypto companies that don't report user transactions properly.
Starting April 1, any platform that skips or messes up its transaction reports to the Income Tax Department could face a ₹200 daily fine, plus a hefty ₹50,000 penalty for uncorrected mistakes.
The goal? Make sure digital asset trading is more transparent and tax evasion gets harder.
Exchanges like WazirX, CoinDCX will have to comply
Big names like WazirX and CoinDCX will need to upgrade their compliance game, making accurate reporting a top priority.
For users, this should mean safer trading spaces and fewer shady activities in the crypto world.
It's all part of India's bigger push to keep up with—and rein in—the fast-growing cryptocurrency scene.