Indian Crypto Platforms Poised for Surge as Government Cracks Down on Offshore Exchanges
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In a significant move, India’s finance ministry issues show cause notices to major offshore virtual digital asset (VDA) service providers, including Binance and KuCoin, for non-compliance with anti-money laundering laws.
Financial Intelligence Unit (FIU) urges Ministry of Electronics and Information Technology to block websites, sparking optimism among Indian crypto players for a resurgence in domestic investments.
CEO of CoinDCX, Sumit Gupta, predicts a shift towards Indian platforms, citing risks of bans and shutdowns for international exchanges. Companies working on solutions to transfer investments stuck with offshore exchanges to domestic platforms.
India boasts around 115 million crypto investors, with the market expected to reach $241 million by 2030. Calls for compliance intensify, with focus on enforcing Indian TDS laws for services provided to residents.
Players optimistic about the future, see recent actions as paving the way for a safe crypto ecosystem. RBI Governor Das expresses concerns over global financial stability and calls for a credible definition of cryptocurrency.
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