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CoinDCX, WazirX among 28 VDA service providers registered with FIU: Govt

Inc42 · 1y ago

CoinDCX, WazirX among 28 VDA service providers registered with FIU: Govt

As per the government, 28 entities providing services related to virtual digital assets (VDAs) have registered with the Financial Intelligence Unit-India (FIU-IND). Some of these entities include CoinDCX, WazirX, Coinswitch, CoinswitchX, and Zebpay. These entities have registered with FIU-IND in compliance with the government's notification that classified companies dealing in VDAs as reporting entities under the Prevention of Money Laundering Act. The registration process for offshore crypto exchanges serving the Indian market has also been initiated, and non-compliance may lead to actions under the PMLA. These regulatory measures, along with taxation and market challenges, have impacted the Indian crypto industry.

Related News

Binance Likely To Resume India Operations As FIU-Registered Entity

Inc42 · 1y ago

Binance Likely To Resume India Operations As FIU-Registered Entity

Cryptocurrency exchange Binance is planning to resume its operations in India by registering with the Financial Intelligence Unit (FIU) and committing to adhere to relevant laws, including the Prevention of Money Laundering Act (PMLA) and the virtual digital assets (VDA) taxation framework. Binance had previously been banned by the Indian government and is now looking to re-establish itself in the country by paying a penalty. The FIU has stated that all global cryptocurrency exchanges must comply with Indian laws to maintain operations in the country. Several other cryptocurrency platforms have already registered with the FIU.

Banned Binance & Kucoin Get FIU Nod To Operate In India

Inc42 · 1y ago

Banned Binance & Kucoin Get FIU Nod To Operate In India

Binance and Kucoin, two overseas cryptocurrency platforms, have received approval from the Financial Intelligence Unit (FIU) of India's finance ministry to operate as virtual asset service providers (VASPs). Earlier, these platforms were banned by the Indian government for not complying with laws and not registering with the FIU. Following the approval, Binance and Kucoin can now offer crypto trading services in India. The FIU is overseeing the trade in virtual digital assets and expects the platforms to comply with regulations and submit suspicious transaction reports.

PayPal registers with FIU under anti-money laundering law

Economic Times

Economic Times · 1y ago

PayPal registers with FIU under anti-money laundering law

PayPal has registered with the Financial Intelligence Unit of India, complying with the country's anti-money laundering laws after a legal battle with the agency. The online payments service provider has completed the necessary procedures and appointed a principal officer to communicate with the FIU. This move comes following a penalty imposed by the FIU against PayPal for not registering as a reporting entity, which was later quashed by the Delhi High Court. The company is now adhering to the Reserve Bank of India's regulatory framework and has submitted the required documents to the FIU.

Binance Discontinues Cash Payment For P2P Trades In India: Report

Inc42 · 1y ago

Binance Discontinues Cash Payment For P2P Trades In India: Report

Cryptocurrency traders in India have been utilizing the services of virtual asset service providers like Binance and Kucoin to evade taxes on their trades. However, the Financial Intelligence Unit (FIU) has reportedly approved applications from Binance and Kucoin to operate as virtual asset service providers in India. Earlier, in January, the Indian government had blocked access to Binance and other offshore crypto platforms due to alleged violations of anti-money laundering regulations.

Comply With PMLA Norms: FIU-IND To Crypto Platforms

Inc42 · 1y ago

Comply With PMLA Norms: FIU-IND To Crypto Platforms

Financial Intelligence Unit-India (FIU-IND) director Vivek Aggarwal has urged crypto exchanges in India to comply with anti-money laundering laws to prevent the misuse of cryptocurrencies for illicit activities. During a capacity building workshop for virtual digital asset service providers, Aggarwal emphasized the importance of tracking and tracing fraudulent activities effectively. He clarified that the regulations for crypto exchanges are activity-based and not dependent on physical presence in India. Representatives from 35 crypto exchanges, including Binance and Kucoin, attended the event. Binance recently received approval from the FIU to operate as a virtual asset service provider in India.

Following WazirX’s $230 Mn Crypto Hack, CoinDCX Sets Up INR 50 Cr Crypto Investors Protection Fund

Inc42 · 11m ago

Following WazirX’s $230 Mn Crypto Hack, CoinDCX Sets Up INR 50 Cr Crypto Investors Protection Fund

CoinDCX has established a crypto investors protection fund (CIPF) in response to the recent WazirX hack. The CIPF aims to compensate users for any losses resulting from security breaches or other adverse incidents. CoinDCX plans to contribute 2% of its brokerage income to the fund, along with annual revisions and an increase in the fund's size over time. This move seeks to build trust within the Indian crypto ecosystem.

CoinDCX Unveils Feature For Users To Access Control Over Crypto Assets

Inc42 · 8m ago

CoinDCX Unveils Feature For Users To Access Control Over Crypto Assets

CoinDCX, a cryptocurrency exchange, has introduced a new decentralized feature that allows users to hold their assets directly on the blockchain, thus eliminating the risk of exposure. This feature does not give users complete control over their holdings but allows both the service provider and user to access the custody that lies on the blockchain. This move comes at a time when cryptocurrency users are concerned about the security of their assets, following a recent data breach at WazirX.

Google Cloud partners with UP govt for Open Network for Agriculture

Economic Times

Economic Times · 6m ago

Google Cloud partners with UP govt for Open Network for Agriculture

Google Cloud is collaborating with the Uttar Pradesh government to launch the UP Open Network for Agriculture, a Gemini-powered, Beckn-enabled initiative. This open network aims to provide farmers with unified access to services such as advisory, credit, mechanisation, and market linkages. Enabled by Google's Gemini framework, the network is accessible through voice commands in multiple languages and is built as a Digital Public Infrastructure that promotes openness and decentralisation, encouraging innovation and competition among service providers.

Amid Tax Tangles, Govt Mulls Panel To Ensure Compliance By Online Gaming Entities

Inc42 · 10m ago

Amid Tax Tangles, Govt Mulls Panel To Ensure Compliance By Online Gaming Entities

The Directorate General of GST Intelligence (DGGI) has identified 658 offshore entities that are either non-registered or non-compliant, with a tax demand totaling INR 1,10,531.91 crore. The DGGI has also recommended blocking 167 URLs and websites to curb illegal activities. Many gaming platforms are registered in offshore tax havens such as Malta, Curacao, and the British Virgin Islands. These actions are aimed at ensuring compliance with the mandated 28% GST rate.

After Six-Year Battle, PayPal Registers With FIU Under Anti Money Laundering Law

Inc42 · 1y ago

After Six-Year Battle, PayPal Registers With FIU Under Anti Money Laundering Law

US-based online payment gateway PayPal has registered with the Financial Intelligence Unit of India (FIU) after a six-year legal battle. PayPal has become a reporting entity under the Prevention of Money Laundering Act (PMLA) and has appointed a principal officer to communicate with the FIU. The FIU is responsible for processing and analysing information on suspicious financial transactions. In December 2020, PayPal was fined INR 96 Lakh by the anti-money laundering agency for non-compliance with the PMLA. The Delhi High Court later overturned the penalty and ruled that PayPal is a payment system operator and must follow reporting obligations under the PMLA.

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