OKX Halts Services In India, Asks Users To Withdraw Funds
OKX, a prominent cryptocurrency exchange, has announced its termination of services in India due to regulatory pressures and increased scrutiny from Indian government agencies.
The Financial Intelligence Unit (FIU) has been cracking down on other cryptocurrency exchanges operating illegally in India.
The Indian government has introduced anti-money laundering and counter-financing of terrorism regulations in March last year.
Despite this, international exchanges like OKX have struggled to comply with the evolving regulatory framework.
The taxation of virtual currencies in India, with a 30% tax on gains and a 1% deduction on each crypto transaction, has added to the complexities faced by traders and exchanges.
Many traders have sought refuge on global crypto platforms to evade taxes and navigate the uncertain regulatory landscape.
(With inputs from Shikha Singh)
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