Are their exchanges in India which work without KYC, or all of them require KYC as a mandatory after the government regulations being not still being very clear about the crypto stand in the country. Just wondering there would be thousands of users who might want to hold the crypto but due to the polices they might just not be ready to buy it.
Yes, if you want to purchase cryptocurrency in India, using Indian bank account and using Indian Exchange, you have to comply with KYC norms. Earlier P2P Exchanges like Remitano had options for Indian users to trade without revealing their identity but it was risky deal and scammers used hacked accounts to buy on such platforms. As per my knowledge, now none of the exchange allows Indian users to trade without doing KYC.
By the way, which policy are you referring to be exact? It isn't illegal to hold cryptocurrencies in India by any means. I don't see anything wrong with Exchanges asking users to do KYC. Every transaction done in Indian Rupee which resulted in income or profit for the parties is subject to taxation. That's why every user has to give his PAN Card during KYC process so Income Tax Department can track all your crypto purchases and sales and see if you are paying correct Capital Gain tax on such profits. KYC norms will remain same even if Indian Government explicitly make cryptocurrencies legal.
I wanted to refer that due to unclear policies like we all know what is the government stand on crypto right from beginning and they still stand the same. It was SC that came in picture in between and said to be legal and again the government is in mood to get pass the law in parliament to get it curbed. Now under such situation a person thinks what is going on or let government decide finally about it and then only may decide about investing in it.
