Posted: December 29, 2023 6:15 AM Updated: December 29, 2023 6:16 AM
Correction and fact check date: December 29, 2023, 6:15 a.m.
briefly
FIU India has issued compliance notices to nine major cryptocurrency exchanges operating in the country, labeling their operations illegal.
The Financial Intelligence Unit of India (FIU IND) has issued compliance show-cause notices to major cryptocurrency exchanges including Binance, Kucoin, Gate, Huobi, Kraken, Bittrex, Bitstamp, MEXC and Bitfinex operating in India, labeling their operations as illegal. I did.
FIU IND urges the Ministry of Electronics and Information Technology (MEIT) to block the internet addresses of these nine exchanges for non-compliance with the provisions of the Prevention of Money Laundering (PML) and the Counter Financing of Terrorism (CFT) Act. Framework in India.
The implementation of the shadow ban marks a notable evolution in India’s regulatory stance on cryptocurrencies and poses operational challenges for exchanges operating in the country.
FIU IND’s decision is consistent with India’s emphasis on financial surveillance and anti-money laundering compliance. This highlights the authorities’ concerns about the potential risks associated with cryptocurrency trading and highlights the government’s commitment to addressing regulatory issues and establishing strengthened oversight within the cryptocurrency sector.
Latest updates from India on cryptocurrency exchanges:
Financial Intelligence Unit India (FIU IND) issues show-cause notices to nine cryptocurrency exchanges.
Including BINANCE, Kucoin, Huobi, Kraken, Gate io, Bittrex, Bitstamp, Mexc Global, Bitfinex pic.twitter.com/K5nMiKUPKg
— Cryptocurrency India (@CryptooIndia) December 28, 2023
Current Status of Cryptocurrency Environment in India
According to Chainalytic’s 2023 Crypto Geography Report, the Central and South Asia region (CSAO) accounts for approximately 20% of global cryptocurrency activity. Six countries in the region feature prominently in the Global Crypto Adoption Index: India, Vietnam, Philippines, Indonesia, Pakistan, and Thailand.
The Indian government’s growing interest in cryptocurrencies has led to new regulatory considerations.
Earlier this year, Indian Prime Minister Narendra Modi, recognized for his rigorous approach to cryptocurrencies, called for the establishment of a universal regulatory framework for digital assets. This request was conveyed through a presidential memorandum that contributed to the formulation of a roadmap to establish a comprehensive global framework for cryptocurrency assets.
Recently, the Reserve Bank of India refused to approve the legalization of cryptocurrencies, citing a lack of economic “upside” in classifying them as regulated financial instruments.
FIU IND’s move against major cryptocurrency exchanges reflects India’s evolving concerns about cryptocurrencies and highlights the government’s commitment to strengthening oversight.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.