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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).
<h2 id="offshore-crypto-exchanges-embrace-indian-guidelines">Offshore Crypto Exchanges Embrace Indian Guidelines</h2>
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 <a href="https://coingape.com/glossary/crypto-exchange-2/" target="_blank" rel="noopener noreferrer nofollow">crypto exchanges</a> serving the Indian market. The stance taken was to strengthen the future <a href="https://coingape.com/glossary/crypto-regulation/" target="_blank" rel="noopener noreferrer nofollow">crypto regulations</a> 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.
Also Read:&nbsp;<a href="https://coingape.com/ethereum-breaks-above-2200-as-eth-open-interest-surges-above-8-bln/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Breaks Above $2200 As ETH Open Interest Surges Above $8 Bln</a>
<h2 id="taxation-turmoil-and-regulatory-challenges">Taxation Turmoil and Regulatory Challenges</h2>
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 <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> add to the woes of the Indian crypto industry. The collapse of giants like FTX and <a href="https://coingape.com/us-government-charges-binance-with-conspiracy-and-fraud/" target="_blank" rel="noopener noreferrer nofollow">DoJ sanctioning Binance</a> 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.
Also Read:&nbsp;&nbsp;<a href="https://coingape.com/binance-lists-lunc-iota-other-spot-trading-pairs-terra-classic-price-rallies/" target="_blank" rel="noopener noreferrer nofollow">Binance Adds New Terra Luna Classic Pair As LUNC Price Soars 60%</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/crypto-india-28-vda-service-providers-registered-under-fiu/">Crypto India: 28 VDA Service Providers Registered Under FIU</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Crypto India: 28 VDA Service Providers Registered Under FIU

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