Anyone from INDIA ?

Can You Explain about that: - 

🇮🇳 INDIA'S CRYPTO TRANSPARENCY ERA BEGINS: New MCA Rules Explained

📜 Key Requirements
• Holdings Disclosure: Companies/exchanges must report crypto balances
• P&L Reporting: Profits/losses from crypto trades now auditable
• Deposit Tracking: User advances held in crypto must be declared

💡 Why This Matters
✅ Institutional Trust: Clean books = more corporate crypto adoption
✅ Investor Protection: Reduces rug-pull risks in Indian projects
✅ Tax Clarity: Bridges gap between crypto & traditional accounting

⚠️ Challenges Ahead
• Privacy Concerns: On-chain anonymity vs. compliance
• Exchange Burden: Smaller platforms may struggle with reporting

🏛️ Top Affected Players
• Exchanges: WazirX, CoinDCX, ZebPay
• Web3 Startups: Polygon, StaFi, Liminal
• Corporate Holders: Tata, Reliance (JioCoin)

📅 What’s Next?
Expect initial chaos as firms adapt (Q3 2024)

Potential CBDC integration for easier tracking