CandleFocus India to license 2 offshore exchanges in 2025: report
2024-09-11
Author: Content Editor
India, after purging offshore digital asset exchanges for noncompliance in 2023, is now reviewing its stance and plans to license two more companies in 2025. The Financial Intelligence Unit-India (FIU-India) has received applications from four offshore exchanges and expects to approve at least two for operations next year. The crackdown on offshore exchanges began in December 2022 and intensified in January 2023, with the government demanding that Apple and Google delist their apps. However, the FIU has softened its stance and readmitted Binance and KuCoin after they registered as reporting entities. India ranked first for digital asset adoption in 2021, but many traders see digital assets as investments rather than for blockchain applications.
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