India's Financial Intelligence Unit has mandated three major crypto exchanges to report over-the-counter (OTC) transactions exceeding $10,000. The directive, effective from January 2026, focuses on identifying beneficial ownership, particularly in cases where private companies or intermediaries might obscure the true owners. This move aims to mitigate risks associated with money laundering and tax evasion, as OTC trades, conducted directly between platforms and clients, are seen as high-risk due to their potential for opacity. India, a leading crypto market, lacks official data on its OTC market size.