#BinanceTournament Crypto exchanges and VDA intermediaries providing service in India will be required to undertake #KYC on their clients and platform users.
28 virtual digital asset (VDA) service providers in India are given the green flag. Exchanges including prominent names such as WazirX, Coin DCX, and Coinswitch, have officially registered themselves with the Financial Intelligence Unit-India (FIU-IND). The Finance Ministry later declared the listing.
This step follows the government’s announcement in March, designating entities dealing in VDAs, crypto exchanges, and intermediaries as “reporting entities” under the Prevention of Money Laundering Act (PMLA).
Offshore Crypto Exchanges Embrace Indian Guidelines
In response to queries in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary confirmed that the guidelines and reporting requirements for VDAs are indeed applicable to offshore crypto exchanges serving the Indian market. The stance taken was to strengthen the future crypto regulations in India to save its citizens from exchange collapses.
This revelation underlines the global reach of regulatory measures. The initiation of the registration process for offshore VDA service providers signifies a robust regulatory stance, with appropriate PMLA actions looming for non-compliance.
Delving into specifics, Neblio Technologies (CoinDCX), Zanmai Labs (WazirX), Bitcipher Labs (Coinswitch), Nextgendev Solutions (CoinswitchX), and Awlencan Innovations India (Zebpay) are among the 28 entities that have officially registered with FIU-IND.
Taxation Turmoil and Regulatory Challenges
While regulatory compliance takes center stage, the Indian crypto market faces additional challenges in the form of taxation. The government’s decision to impose a 1% TDS on crypto #transactions above INR 10,000 and a 30% tax on profits has sent shockwaves through the industry.
The Reserve Bank of India’s (RBI) strong criticism and calls to ban cryptocurrency add to the woes of the Indian crypto industry. The collapse of giants like #ftx and DoJ sanctioning Binance further dampens the sentiment.
The recent uncertain crypto regulation framework has created a lot of nuisance in the country. Many crypto firms have migrated to mid-east countries to safeguard themselves from scrutiny.#Airdrop
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