The Financial Intelligence Unit (FIU) is set to consider appeals from seven well-known cryptocurrency exchanges hoping to restart operations in India, which is a big step forward for the Indian cryptocurrency business. This action may signal a significant change in the nation’s regulations pertaining to digital assets.
Crypto Platforms Under Review
Later this week, the Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp big cryptocurrency exchanges will present their pleas to the FIU. Due to their prior violations of the Prevention of Money Laundering Act (PMLA) and other legal requirements, these sites were prohibited.
Potential for Revocation of Ban
If these exchanges pay their outstanding Goods and Services Tax (GST) debts, which total about INR 2,900 crore, the prohibition on them might be lifted. In order for them to resume their operations in the Indian market, it is believed that the settlement of these financial commitments is essential.
Background on the Ban
Nine cryptocurrency platforms were banned by the Indian government last year due to alleged violations of anti-money laundering laws and other compliance problems. The prohibition was a component of a larger campaign of regulation and compliance with financial standards directed at the bitcoin industry.
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