Just saw India's new crypto compliance rules kicked in last month and honestly it's getting stricter not easier. They're keeping that brutal 30% tax on gains and 1% TDS on every trade, but now they're adding daily penalties on top if you mess up reporting. Like ₹200 a day (~$2.20) for not filing properly, plus ₹50,000 flat if your info is wrong. The TDS penalty framework is basically making it harder to just casually trade without getting flagged.

What's wild is the government had a chance to actually help the market but just doubled down on enforcement instead. Everyone was hoping they'd lower that 1% TDS or at least give some relief, but nope. Local exchange founders are saying this just pushes more trading offshore and kills retail participation. The tax structure doesn't even account for losses, so you're getting taxed on gains but can't offset losses. That's the real friction point nobody's talking about.

Meanwhile WLFI dropped another 12% after that whole Dolomite lending drama came out. Feels like every week there's some new controversy in this space. How's everyone else dealing with these compliance headaches in their country?