India’s Regulator Takes Action Against Crypto Exchanges
The financial regulator in India has issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs), including Binance, KuCoin, and Huobi. The regulator, Financial Intelligence Unit India (FIU IND), alleges that these exchanges are operating illegally and inadequately complying with registration requirements in India. The FIU IND has written to the Ministry of Electronics and Information Technology, requesting the blocking of URLs associated with these entities. The exchanges are required to be registered with FIU IND as Reporting Entity and comply with obligations under the Prevention of Money Laundering Act (PMLA) 2002.
India Continues Working on Crypto Regulation
The Indian Finance Minister proposed a common framework for G20 countries to regulate the crypto sector. Cryptocurrencies have been a focal point in ongoing discussions as India holds the G20 presidency. However, concerns have been raised about the government’s ability to handle complex cryptocurrency cases due to its current law enforcement setup.
Hot Take: India Cracks Down on Illegal Crypto Exchanges
India’s regulatory actions against nine prominent cryptocurrency exchanges demonstrate its commitment to tackling illegal operations in the crypto industry. By issuing compliance notices and requesting URL blocks, the government aims to enforce registration requirements and prevent money laundering activities. As India actively works on cryptocurrency regulation at both domestic and international levels, it remains crucial for crypto enthusiasts to stay informed about the evolving regulatory landscape in the country.
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