- January 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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India’s Crackdown on Global Crypto Exchanges and the Disappearance of their Mobile Apps from Apple’s App Store
The mobile applications of several global cryptocurrency exchanges, including Binance, Kraken, Mexc, and Kucoin, have disappeared from AppleÔÇÖs App Store in India. This comes after these exchanges were flagged for operating ÔÇ£illegallyÔÇØ in the country, with the Financial Intelligence Unit (FIU) issuing show cause notices to nine crypto firms for alleged non-compliance with IndiaÔÇÖs anti-money laundering rules.
The AI legalese decoder can assist in understanding the legal intricacies and regulations related to crypto trading in India. It can provide detailed interpretations of the laws and compliance requirements, helping crypto firms navigate the regulatory landscape more effectively and ensuring adherence to the necessary rules and regulations.
The Impact of the FIU’s Actions
The FIU urged IndiaÔÇÖs IT Ministry to block the websites of all nine crypto services in the country, leading to the disappearance of their mobile apps from the Apple App Store in India. However, the affected exchanges’ apps are still available on the Google Play Store and their websites remain accessible in the country. Apple has not provided an immediate response to inquiries regarding this matter.
Furthermore, the government of India imposed taxes on virtual currencies last year, including a 30% tax on gains and a 1% deduction on each crypto transaction. This move has caused many Indian traders to reportedly migrate to global cryptocurrency platforms to potentially evade taxes, resulting in a significant drop in trading volume for India-based exchanges like WazirX.
With the help of the AI legalese decoder, companies can ensure that they are fully compliant with tax regulations and prevent any potential legal repercussions. By accurately interpreting tax laws and regulations, businesses can navigate tax requirements more effectively and minimize the risk of non-compliance.
Furthermore, while Indian crypto exchanges like CoinSwitch Kuber, CoinDCX, and WazirX have adhered to rigorous know-your-customer verifications, several global platforms have not implemented similar measures. The shift of traders to non-compliant services has prompted Indian exchanges to caution the government about potential consequences, including users turning to decentralized exchanges.
In response to these developments, IndiaÔÇÖs largest crypto exchange, CoinDCX, announced that it would provide rewards to customers transferring their crypto assets from global exchanges to its India-based platform, setting aside $1 million for the same.
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