Four offshore crypto platforms may be making a comeback in India, as reported by the Financial Intelligence Unit (FIU). Business Standard revealed that four offshore exchanges have expressed interest in operating within the country. This news follows the recent approvals granted to Binance and KuCoin to resume operations in India, after facing previous bans and fines.
The FIU official mentioned that the four new applicants are expected to launch in India soon, although their identities have not been disclosed. With the approvals for KuCoin and Binance, the total number of registered crypto entities in India is set to increase to 48.
Several exchanges, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, were banned last year, leading users to trade on foreign platforms. Binance has adjusted its payment options in India to comply with regulations and improve its standing in the market, restricting cash payments for cryptocurrency trades between users.
India has been working on integrating the crypto industry into its financial system by implementing regulations requiring cryptocurrency companies to collect Know Your Customer (KYC) data and register with the FIU. These regulations apply to all Virtual Asset Service Providers (VASPs) operating in India, regardless of their physical location.
Despite some skepticism from the crypto community, Nirmala Sitharaman has been retained as India’s finance minister. She has expressed doubts about cryptocurrencies functioning as actual currencies but has also emphasized the need for international cooperation in developing crypto policies. India aims to establish a framework for monitoring and regulating the crypto sector within its existing financial system.
