**🇮🇳 India’s FIU Eyes Approval of Two More Foreign Crypto Exchanges by 2025 🌍**
**Crypto Adoption in India is Booming!** 📈 After Binance and KuCoin, two more offshore crypto exchanges might get approval to operate in India by **March 2025**, according to insider reports. 💼
India’s **Financial Intelligence Unit (FIU)** is reviewing applications from four foreign platforms. The names haven’t been revealed yet, but two are expected to get the green light after a strict review of compliance, including transaction visibility and suspicious transaction reporting.
Last year, the FIU cracked down on **9 foreign exchanges** for non-compliance with anti-money laundering regulations, blocking access to major platforms like Binance, Kraken, and Bitfinex. Now, the game is changing as exchanges seek to meet regulatory standards and return to the Indian market.
💡 **Why This Matters:**
- With over **$1 billion** in revenue generated by crypto in India last year, it’s no surprise global players want back in. 💸
- India has one of the **fastest-growing crypto economies** globally, with the highest adoption rate, according to Chainalysis.
🚨 **But the Road Ahead Isn’t Easy:**
- Exchanges will also need to comply with **India's Goods and Services Tax (GST)** regime, which could raise operating costs significantly.
- Binance faced an **$86 million** GST bill before the December 2023 ban.
🔍 Stay tuned as more exchanges may re-enter the booming Indian crypto market. 🚀
