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

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.