The #UnionBudget2024 has started.
The entire Indian #Crypto Community is uniting together to get better policies.
If India wants to grow technologically and compete with other big economies, it is important for India to have betterr taxation policies for the crypto community.
The government says that #Bitcoin is used to launder money? Well, we are all ready to give all the details of our trades to the government under fair policies. What do we even want here? Less TDS Loss Set-off Tax according to income slabs Is this too much to ask for? Absolutely not. So, let's raise our voice and get this win for crypto in this #Budget2024 #Write2Earn #IndiaBudget #IndiaRegulations

📱 Eight cryptocurrency exchange apps, including Binance, Kraken, and KuCoin, have been removed from the Apple Store in India following a request for regulatory compliance from the Ministry of Finance. These requests were made in alignment with the Prevention of Money Laundering Act (PMLA), which required web access to be blocked for non-compliant exchanges. Bitstamp remains available for download from the Apple Store among the nine exchanges mentioned. 🇮🇳💼 #CryptocurrencyExchanges #IndiaRegulations

⚠️INDIA vs US Crypto Developments (2013- 2024)⚠️

👉If we compare the developments in the crypto industry between the United States and India, it is evident that India is lagging behind. While the US has made significant progress in embracing cryptocurrencies, India's approach has been more cautious and restrictive. In 2013, the US Internal Revenue Service (IRS) recognized crypto as a property and subject to taxation. In contrast, the Reserve Bank of India (RBI) issued an advisory against cryptocurrencies in the same year.

👉Fast forward to 2024, and the US has witnessed major milestones such as big banks like JP Morgan buying Bitcoin for their wealthy clients, the launch of CME Bitcoin futures, and the approval of multiple Bitcoin spot ETFs by the Securities and Exchange Commission (SEC). On the other hand, India has faced setbacks like the RBI circular banning crypto in 2018, which was later overturned by the Supreme Court in 2020.

👉India's stance on cryptocurrencies has been inconsistent, with the government reiterating its plan to ban and prohibit cryptocurrencies in 2021. Additionally, the Finance Minister announced a 30% tax and 1% TDS on crypto assets in 2022, further hindering the growth of the industry. In contrast, the US has seen major companies like MicroStrategy and Tesla investing in Bitcoin, and the Coinbase IPO going live.

🔴It is disheartening to see India, a country known for its technological prowess, not fully embracing the potential of cryptocurrencies. While the US has recognized the transformative power of this technology, India seems to be stuck in the past. It is crucial for India to adapt and create a positive regulatory framework that fosters innovation and allows the crypto industry to thrive.

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🟥 India Takes Action: Crypto Exchanges Face Ban🚨

Hold Tight! Your Funds Are Secure 💰💯
In a recent move, India has blocked access to several offshore crypto exchanges, including major players like Binance, Kucoin, OKX, Gate.io, and more as of January 12. This decision comes on the heels of these platforms being removed from the Apple App Store in the country just days earlier.

📅 Timeline of Events:
On December 28, the finance ministry issued show-cause notices to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for alleged non-compliance with India's anti-money laundering laws.

Responding to the violations, the finance ministry instructed the information technology ministry to block the URLs of these platforms, leading to the recent website restrictions. However, the use of VPNs still grants access to these exchanges.

🔒 Binance Reassures Indian Users: Funds Are Safe
Binance, one of the affected exchanges, sent a reassuring email to its Indian users, clarifying that the impact is limited to those trying to access the Indian iOS app store or the Binance website directly from India. Existing users with the Binance app remain unaffected by the restriction.

🤝 Binance's Commitment to Compliance:
Emphasizing their dedication to complying with local regulations, Binance highlights ongoing communication with regulators. Their goal is to ensure user protection while contributing to the development of a robust Web3 industry.

Stay informed, stay secure! Like, share, and follow @MemeLauncher for more updates on crypto regulations and market dynamics. 🌐🔐

#IndiaCryptoBan #Binance #CryptoRegulations #IndiaRegulations #IndiaBan

🚨 Attention Community! 🚨

Be cautious! Just discovered two websites claiming to be Binance India. No official confirmation from Binance. 🛑 Avoid unknown links to protect your assets.

Share your thoughts on the temporary Binance India ban. #StaySafe #BinanceFreeCrypto #CryptoSecurityExploit #binance #IndiaRegulations