On April 1, 2025, SEBI took control of crypto tokens that act like securities, meaning tokens that promise profits based on someone else's work now require approval and strict regulatory compliance. This doesn't affect Bitcoin or Ethereum but significantly impacts DeFi projects and new blockchain startups. Crypto gains are taxed at a flat 30% with no deductions except cost of acquisition, plus 1% TDS on transactions over certain thresholds and 18% GST on trading fees, staking and withdrawals, pushing effective tax rates above 49%.