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India reconsiders foreign crypto exchange registrations  report
India reconsiders foreign crypto exchange registrations  report

Cryptocurrency

India is to reopen its doors to foreign crypto exchanges following a compliance revision

India is prepared to enable two international cryptocurrency exchanges to begin operations by 2025, subject to tighter compliance checks. This decision intends to promote competition and growth in the cryptocurrency market while upholding strict anti-money laundering regulations.

India’s Financial Intelligence Unit (FIU) is preparing to permit two more international cryptocurrency exchanges to restart operations in the country by 2025, following stricter compliance with Anti-Money Laundering (AML) legislation. The FIU is evaluating registration petitions from four international exchanges after previously banning others, including Binance and KuCoin, for failing to fulfill AML rules.

Binance and KuCoin have re-registered after fixing compliance problems, while other exchanges are awaiting permission following extensive assessments of transaction visibility and suspicious activity reports. The move is part of India’s efforts to strengthen its cryptocurrency ecosystem while implementing tougher regulatory regulations.

In early 2024, India cracked down on non-compliant exchanges, preventing nine international platforms, including Binance, from functioning in the country. However, recent licensing initiatives indicate a shift in India’s policy, allowing compliant exchanges to re-enter the industry. We think that these reforms will increase competition, broaden trading opportunities for Indian investors, and perhaps drive innovation.

In parallel, India’s Department of Economic Affairs is producing a consultation paper on cryptocurrency regulation, which is slated to be released in October 2024 and will solicit feedback from a variety of parties. The government is focusing on developing rules that would encourage the growth of the cryptocurrency business while also implementing oversight to prevent illegal operations.

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Sagar Saini
A dedicated freelance blogger with a strong passion for finance and business, With a keen interest in the world of cryptocurrency.
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