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

Coinbase Launches Integrated Services for Token Issuers

On November 5, Coinbase launched a new integrated platform for token issuers, offering services from sales to custody, aiming to streamline operations and reduce reliance on multiple providers.

user avatarBayarjavkhlan Ganbaatar

Canary Staked INJ ETF Now Trading on Nasdaq

The Canary Staked INJ ETF began trading on Nasdaq under the ticker INJC on November 5, offering exposure to the Injective token and staking rewards.

user avatarMohamed Farouk

Nigeria's Central Bank Unveils New Regulations for Virtual Assets

On November 5, 2023, Nigeria's Central Bank announced a new licensing framework for non-security virtual assets, including stablecoins, aimed at enhancing consumer protection and financial system integrity.

user avatarElias Mukuru

US Economy Adds 165,000 Jobs in October

The Bureau of Labor Statistics reported that the US economy added 165,000 jobs in October, with the unemployment rate stable at 4.1%, complicating expectations for quick monetary easing by the Federal Reserve.

user avatarDiego Alvarez

TeraWulf Announces Major Contracts and Future Plans

TeraWulf has secured significant contracts, including a 20-year lease with Anthropic and a credit backstop from Google, signaling strong future revenue potential.

user avatarKenji Takahashi

TeraWulf Reports Significant Shift in Revenue Sources

TeraWulf's third-quarter earnings reveal a major transition towards high-performance computing, with HPC lease revenue making up 83% of total revenue.

user avatarMaria Fernandez

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.