{"id":132491,"date":"2024-09-11T18:42:20","date_gmt":"2024-09-11T18:42:20","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/11\/plea-by-seven-offshore-crypto-exchanges-to-restart-india-operations-to-be-heard-this-week\/"},"modified":"2024-09-11T18:42:20","modified_gmt":"2024-09-11T18:42:20","slug":"plea-by-seven-offshore-crypto-exchanges-to-restart-india-operations-to-be-heard-this-week","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/11\/plea-by-seven-offshore-crypto-exchanges-to-restart-india-operations-to-be-heard-this-week\/","title":{"rendered":"Plea by seven offshore crypto exchanges to restart India operations to be heard this week"},"content":{"rendered":"
\"Plea<\/div>


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India<\/a>‘s anti-money laundering body, the Financial Intelligence Unit<\/a> (FIU<\/a>, will this week take up the petitions of seven offshore virtual digital assets service providers – Bitfinex<\/a>, MEXC Global<\/a>, Kraken, Huobi, Gate.io, Bittrex and Bitstamp – to restart their operations in the country.<\/p>\n

These exchanges were banned for non-compliance with India’s Prevention of Money Laundering Act (PMLA).<\/p>\n

“We are holding a hearing of the crypto exchanges this week and based on their submission a decision on the future course of action will be taken,” a senior official told ET.<\/p>\n

The exchanges may be allowed to operate only after they agree to adhere to the PMLA law, including registrations, adherence to KYC<\/a> (know your customer) norms and reporting of suspicious transactions and payment of penalty. The amount of the penalty will be determined after exchanges’ submission, the official said, adding that it may take a while for them to restart operations even after they agree to comply with the PMLA provisions.<\/p>\n

They will also be required to pay pending goods and services tax, estimated to be around \u20b92,900 crore, another official said.<\/p>\n


GST authorities plan to send notices also to all the other foreign crypto exchanges that had operations in India, a third official said.They may be required to shift their servers to India as per a Ministry of Electronics and Information Technology<\/a> (MeitY) directive.<\/p>\n

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In March 2023, virtual digital assets service providers were brought within the ambit of the Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT) framework under the provisions of the PMLA Act<\/a>. It required them to be registered here.<\/p>\n

Currently, there are 38 registered crypto entities. The FIU had in December 2023 written to the MeitY, asking it to block the links of these seven and two other – Binance and Kucoin<\/a> – crypto exchanges for non-compliance with the PMLA.<\/p>\n

In March this year, the FIU lifted the ban on Kucoin after imposing a penalty of Rs 34.5 lakh.<\/p>\n

In August 2024, Binance registered itself as a reporting entity with the FIU-India and was fined Rs 18.82 crore for non-compliance under the PMLA Act and received go-ahead to resume India operations.
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India‘s anti-money laundering body, the Financial Intelligence Unit (FIU, will this week take up the petitions of seven offshore virtual digital assets service providers – Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex and Bitstamp – to restart their operations in the country. These exchanges were banned for non-compliance with India’s Prevention of Money Laundering Act […]<\/p>\n","protected":false},"author":2,"featured_media":132492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-42031747\/et-logo.jpg","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[106385,4251,16909,40676,10847,43424,273,106384,16867,5596,106383,46663,28156,3536,5851,106386,7276,1513],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/132491"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=132491"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/132491\/revisions"}],"predecessor-version":[{"id":132493,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/132491\/revisions\/132493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/132492"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=132491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=132491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=132491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}