Binance, KuCoin and 46 Other Crypto Entities Registered in India
Aggarwal revealed that a total of 48 crypto entities are now registered as reporting entities under India’s Prevention of Money Laundering Act.
The meeting with financial journalists was the first official interaction between the FIU and the crypto industry.
It followed a prior meeting between Aggarwal and other FIU officials with representatives of all 48 entities.
India’s stance on cryptocurrencies has been somewhat ambiguous. The imposition of strict crypto taxes in 2022 and the crypto market downturn led Indian traders to switch to international exchanges, negatively impacting the local crypto industry.
Trading volumes shifted back to Indian exchanges after the ban on offshore entities, however.
India has made it a priority to achieve global consensus on framing crypto policies as part of its G20 presidency in 2023.
The country successfully obtained agreement from all G20 members on global guidelines.
India faced criticism for pushing for global consensus without having its own legislation in place, however.
The Indian government has kept a crypto bill on hold since 2021 and is expected to decide its position in the coming months.
A senior lawmaker previously mentioned that the bill is unlikely to be introduced before mid-2025
