Quote from: TigerMart on Today at 06:36:47 PM

F**ck man. It means, use of BISQ/HodlHodl/LocalCoinSwap or any other non-KYC P2P platform is now criminalized. Right? Cry

As long as you're not making any of the four things mentioned on behalf of another person or while you're running your own business this law is not affecting you, the moment you act like a broker or trader and play with user funds over these platforms it's getting complicated, normally you would have to keep track of the payments this way also, with full details of the recipient.

Quote from: coolcoinz on Today at 08:21:38 PM

What if an Indian individual exchanges crypto for crypto using a business not registered in India?
What happens if the same Indian citizen exchanges crypto in the Internet for currencies not legally accepted in India?

The law is not aimed at individuals, as long as you report your income and pay your taxes it doesn't really matter where that exchange is registered.

Quote from: coolcoinz on Today at 08:21:38 PM

The Indian government cannot ask an exchange in Japan to send them their AML report for someone who was trading in Japanese Yen, therefore I believe this is only for local businesses, located in India and trading in Rupees.

If India and Japan have an agreement on mutual assistance over FATF then it's more complicated, without one such request could go unanswered but if a protocol is in place the Japanese branch could determine it's their job to choose to assist the Indian one and the exchange will then be forced to provide all the data for Indian customers, no matter what they are trading on that platform.
Besides a lot of exchanges have a LERS system or equivalent in place, designed especially to take requests from government agencies.