The Indian financial intelligence department issued a compliance notice to the nine foreign virtual digital asset service providers, accusing them of illegally operating and violating Indian anti -money laundering regulations.
These nine encrypted service providers include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex encryption exchanges.According to government press releases, the Indian Ministry of Electronics and Information Technology will block the URLs of these exchanges to prevent Indian users from accessing them.
In March of this year, the Ministry of Finance of India requested that cryptocurrency companies must register in the country's anti -money laundering institution, the financial intelligence agency (FIU) and abide by relevant regulations.This means that cryptocurrency companies need to perform some verification processes, such as understanding their customers.
The official statement issued by India on Thursday pointed out that so far, 31 crypto asset companies have registered in financial intelligence agencies in India.However, although some offshore companies have a large number of Indian customers, they have not been restricted by India's anti -money laundering and counter -terrorism financing framework.
It emphasizes that as long as digital asset providers operating in India, whether they are in India or abroad, they must comply with specific regulatory requirements, that is, they need to be registered in the financial intelligence department and abide by the anti -money laundering law.Jaipur Investment
At present, the Indian government has not explained whether it will take other measures in addition to blocking the website of the nine companies. This is also the first time that India has shielded the encryption entity.
Not friendly IndiaKanpur Investment
According to the CHAINANALYSIS survey, Indian cryptocurrency use is a global leading position.Based on the original estimation transaction volume, India is the world's second largest cryptocurrency market.Nagpur Investment
However, India has always been conservative in crypto assets, levying high capital profits tax on the profit of cryptocurrencies, with a tax rate of 30%, which is much higher than the tax rate of stocks or other investment.Bangalore Investment
The "Anti -Money Laundering Law" launched by India stipulates that registered entities must understand the details of their customers and other documents related to the transaction related to the beneficiary of the customer and the owner of the beneficiary.Agra Wealth Management
In addition, the Indian Ministry of Electronics and Information Technology will retain documents that prove their customers and beneficiaries as well as account documents and business letters related to customers.This is undoubtedly departing from the decentralized view of the encryption industry.
The President of the Indian Bank of India called cryptocurrencies as speculative gambling activities.Indian Prime Minister Modi also pointed out in August that she needs to supervise cryptocurrencies globally, and the rules, regulations and frameworks around this field should not be limited to a certain country or some countries.From outside, not only cryptocurrencies, but other emerging technologies also need global supervision.
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