Indian regulators to clear offshore crypto exchanges after strict AML review | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Indian regulators to clear offshore crypto exchanges after strict AML review appeared on cryptoslate.com by CryptoSlate.
India’s Financial Intelligence Unit (FIU-India) is reportedly set to approve two more offshore crypto exchanges to resume operations in the country by the end of the 2025 fiscal year, following a thorough review of their compliance with anti-money laundering (AML) laws.
The development comes as the FIU continues to assess requests from four exchanges previously banned for non-compliance with India’s stringent AML regulations.
Reconsidering registrations
The FIU, responsible for ensuring financial institutions adhere to AML standards, had earlier granted approvals to Binance and KuCoin after these platforms were initially blocked for failing to meet compliance standards.
According to sources familiar with the matter, the FIU is now reviewing four new requests. At least two exchanges are expected to be cleared following a comprehensive review process that includes assessments of transaction transparency and suspicious transaction reporting (STR).
While the names of the exchanges under review were not disclosed, the FIU emphasized that compliance with Indian financial regulations remains a top priority.
The agency plans to impose penalties where necessary, similar to the $2 million fine levied on Binance earlier this year before the exchange was allowed to re-enter the Indian market.
Sources told local media:
“Only after complete due diligence will we allow any crypto exchange to operate in India. We are very strict about compliance.”
Evolving stance
The Indian government’s stance on cryptocurrencies has evolved in recent years, with a focus on balancing innovation with financial security.
In April 2022, India introduced a 30% tax on crypto gains and a 1% tax deducted at the source (TDS) on every crypto transaction as part of its efforts to monitor the flow of digital currencies and combat illicit activities such as money laundering and terrorism financing.
India’s crypto industry has been under close scrutiny by regulators, who aim to foster a more transparent ecosystem while mitigating the risks associated with the largely unregulated digital asset space.
The upcoming approvals for additional offshore exchanges could increase competition within the domestic market, offering Indian investors more trading options and potentially enhancing liquidity.
Additionally, the Department of Economic Affairs (DEA) is expected to release a consultation paper on crypto legislation by October. This paper will seek input from industry stakeholders and will likely play a crucial role in shaping India’s long-term regulatory framework for digital assets.
Mentioned in this article
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on cryptoslate.com by CryptoSlate – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!