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 India’s financial regulator may grant two foreign-based crypto exchanges approval to operate in the country by March 2025.&nbsp;
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<a href="https://www.business-standard.com/markets/cryptocurrency/two-more-offshore-crypto-bourses-may-get-nod-to-resume-india-operations-124090301224_1.html" rel="noopener noreferrer nofollow">According</a> to a report by local media outlet Business Standard, the country’s Financial Intelligence Unit (FIU) is currently reviewing registration applications from four offshore cryptocurrency exchanges. While the specific platforms remain undisclosed, the report cited an anonymous source who claimed that two of them might get approval to start operations by the end of the 2025 financial year.
RELATED: <a href="https://defi-planet.com/2024/07/bitget-in-talks-with-indias-fiu-for-a-vasp-license-to-enhance-compliance-and-user-access/" rel="noopener noreferrer nofollow">Bitget in Talks with India’s FIU for a VASP License to Enhance Compliance and User Access</a>
Last year, the FIU <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1991372" rel="noopener noreferrer nofollow">issued</a> show cause notices to nine foreign cryptocurrency exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The regulator stated that these platforms had not met registration requirements and were non-compliant with India’s anti-money laundering regulations.&nbsp;
Subsequently, access to the websites and mobile apps of the affected platforms was <a style="color: #0000ff;" href="https://economictimes.indiatimes.com/tech/technology/centre-blocks-web-platforms-of-offshore-crypto-apps-binance-kucoin-and-others/articleshow/106783697.cms?from=mdr" rel="noopener noreferrer nofollow">blocked</a> for Indian users as part of a crackdown under India’s Prevention of Money Laundering Act. This action followed a March 2023 <a href="https://defi-planet.com/2023/03/indian-authorities-demand-compliance-with-anti-money-laundering-regulations-for-crypto-transactions/" rel="noopener noreferrer nofollow">directive</a> from the Indian Finance Ministry mandating cryptocurrency exchanges to register as reporting entities with the regulator.
However, <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/binance-resumes-operations-in-india-after-a-seven-month-ban/" rel="noopener noreferrer nofollow">Binance </a>and KuCoin recently got the regulatory nod to resume operations in the country after their seven-month absence.&nbsp;
Business Standard’s source revealed that the other two exchanges seeking approval would face a “thorough review of transaction visibility, suspicious transaction reporting, and related compliance issues” before being granted permission to resume operations. Additionally, penalties would be determined based on the scale of their previous operations and the extent of their non-compliance before the ban.
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 “Only after complete due diligence will we allow any crypto exchange to operate in India. We are very strict about compliance,” 
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the source <a style="color: #0000ff;" href="https://www.business-standard.com/markets/cryptocurrency/two-more-offshore-crypto-bourses-may-get-nod-to-resume-india-operations-124090301224_1.html" rel="noopener noreferrer nofollow">reportedly</a> stated.
Meanwhile, the Indian government recently <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/india-set-to-release-public-consultation-paper-on-crypto-regulations-by-october-2024/" rel="noopener noreferrer nofollow">announced </a>plans to release a public consultation paper on comprehensive cryptocurrency regulations in October 2024. A special panel, led by the Secretary of the Department of Economic Affairs (DEA), will introduce the paper to solicit input from industry experts and stakeholders on the best way to regulate the country’s growing crypto-assets sector.
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The post <a href="https://defi-planet.com/2024/09/indias-fiu-may-approve-licenses-for-two-foreign-based-crypto-exchanges-by-march-2025/" rel="noopener noreferrer nofollow">India’s FIU May Approve Licenses For Two Foreign-Based Crypto Exchanges by March 2025</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

India’s FIU May Approve Licenses For Two Foreign-Based Crypto Exchanges by March 2025

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