India’s Cryptodominance Grows Amid Regulatory Hurdles
By Vishakha Thakur
Despite strict regulations since 2018, India has topped the global crypto adoption rankings for the second consecutive year, according to Chainalysis, excelling in centralized exchange and DeFi asset use.
The Financial Intelligence Unit (FIU) has issued show-cause notices to major offshore exchanges, including Binance and KuCoin, for violating the Prevention of Money Laundering Act.
However, the Finance Ministry may lift bans on some blacklisted exchanges, like Bitfinex and Huobi, if they pay their 2,900 crore GST dues and meet compliance requirements.
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