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India May Allow Offshore Crypto Exchanges to Resume Operations under AML Rules

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by Giorgi Kostiuk

a year ago

  1. FIU-India: A Strict Regulator for Cryptocurrencies
  2. Crypto Under Permanent Surveillance
  3. The Future of Crypto Regulation in India


    4. India is beginning to understand that regulating the crypto sector may be more effective than combating it. India's Financial Intelligence Unit (FIU) is considering allowing several offshore exchanges to resume their operations, provided they adhere to strict anti-money laundering rules.

    FIU-India: A Strict Regulator for Cryptocurrencies

    FIU-India, acting as a vigilant financial sheriff in a country that is finally opening its doors to Chinese investments, is rigid on anti-money laundering rules. After authorizing Binance and KuCoin to resume their activities, it is now considering giving the green light to two other offshore exchanges by March 2025. However, to earn this entry ticket, platforms must prove their transparency on transactions and report any suspicious activity. As an official states, “only after complete diligence will we authorize an exchange to operate”.

    Crypto Under Permanent Surveillance

    The FIU keeps a close watch on exchanges. Last December, nine exchanges, including Binance and KuCoin, faced serious legal action for not complying with Indian laws. Their sites were blocked, but some, like KuCoin, quickly settled their dues to resume operations. Today, the FIU is closely examining four new applications. For these platforms, resuming operations will require total compliance with the rules.

    The Future of Crypto Regulation in India

    By rethinking its crypto policy, India wants to control offshore exchanges while remaining firm on regulation. The FIU plans to increase audits on already authorized platforms to avoid being deceived again.

    India aims to find a balance between strict regulation and openness to the crypto sector, which could significantly impact the future of crypto exchanges in the country.

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