Nirmala Sitharaman

Spearheaded fiscal measures that established a new tax framework for cryptocurrency transactions, introducing high tax rates on gains and transaction-level reporting rules. These legislative decisions compelled exchanges to implement tax-reporting, adjust accounting for user trades, and update KYC and recordkeeping processes to satisfy authorities. Operationally, the tax regime affected trading behaviour and liquidity on platforms like WazirX by changing after-tax returns for retail traders, prompting reconfiguration of fee programs and token reward mechanics tied to WRX. Exchange teams had to build or integrate reporting pipelines and modify product disclosures in response to statutory obligations. By altering the fiscal treatment of crypto gains and imposing transactional reporting, the policy directly changed market incentives, compliance costs and product design choices for WazirX, shaping the market structure and participant behaviour in the Indian cryptocurrency market.