India’s Financial Intelligence Unit (FIU) has requested a ban on nine cryptocurrency exchanges operating in the country, including Binance, Kraken, and Bitfinex. The FIU claims that these exchanges are operating illegally and have failed to comply with national anti-money laundering (AML) and anti-terrorist financing regulations. As a result, the FIU has requested that the websites of these exchanges be blocked by the Ministry of Electronics and Information Technology.

The FIU states that virtual digital asset service providers (VDA SPs) operating in India, both offshore and onshore, are required to register with the FIU as reporting entities and comply with obligations under the Prevention of Money Laundering Act (PMLA) 2002. These obligations include reporting, record keeping, and other requirements.

India has implemented strict regulations on cryptocurrency exchanges, including taxation policies. In March 2022, the country introduced a 30% capital gain tax on crypto, along with a 1% tax deducted at source on every transaction. These policies have faced criticism from industry players, with concerns that they may harm the crypto industry in India.

The Reserve Bank of India (RBI) has also expressed its opposition to cryptocurrencies, with the Governor calling for a complete ban on the industry. The banking sector in India shares this sentiment and remains critical of crypto.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇮🇳
Sentiment	neutral
Relevance Score	1
People	None
Companies	Financial Intelligence Unit (FIU), Kraken, Binance, Bitfinex, Ministry of Electronics and Information Technology
Currencies	None
Securities	None