Cryptocurrency Q&A
Why did FIU block crypto exchanges in India?
Why did FIU block crypto exchanges in India?
Giuseppe
Sat Jul 13 2024
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5 answers
950
Could you elaborate on the reasons behind the Financial Intelligence Unit's (FIU) decision to block crypto exchanges in India? There seems to be growing interest in cryptocurrencies globally, yet India has taken a restrictive stance. What specific concerns or regulatory gaps did the FIU identify that necessitated such a stringent measure? How do they believe this blockage will impact the financial landscape and consumer interests in the country? Is this a temporary measure or are there indications of a longer-term policy shift towards crypto regulation in India?
5 answers
SamuraiWarrior
Mon Jul 15 2024
This action stems from allegations of non-compliance with India's anti-money laundering legislation.
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EchoSolitude
Mon Jul 15 2024
As part of its enforcement measures, the FIU has issued a show cause notice to these exchanges, requiring them to justify their conduct.
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henry_harrison_philosopher
Mon Jul 15 2024
Additionally, the FIU has requested the Ministry of Electronics and Information Technology (MeitY) to assist in blocking the URLs of these exchanges in India.
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CryptoPioneer
Mon Jul 15 2024
The Financial Intelligence Unit (FIU), an entity under the aegis of the Indian Finance Ministry, has initiated a regulatory action against nine offshore cryptocurrency exchanges.
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Valeria
Mon Jul 15 2024
This step is aimed at preventing access to the platforms and deterring any further alleged illegal activities.
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