A top official in the Indian Ministry of Finance has stated the country has no plans to introduce legislation to regulate cryptocurrency sales and purchases. In a written response to the Parliament's lower house request, Minister Pankaj Chaudhary clarified that the country's top financial regulator, the Financial Intelligence Unit (FIU), ...
Binance is reportedly facing new regulatory challenges in India. According to local media, The Times of India, the Ahmedabad zonal unit of the Directorate General of GST Intelligence (DGGI) has issued a show cause notice to Binance, demanding payment of 7.22 billion rupees (approximately $86 million) in goods and services ...
In response to the recent hack of local crypto exchange WazirX, India's Bharat Web3 Association (BWA) is ramping up efforts to enhance cybersecurity and strengthen consumer protection in the cryptocurrency sector. Local media reports that the BWA has established two new internal task forces to address these critical issues and ...
India's Narcotics Control Bureau (NCB) is intensifying its surveillance of cryptocurrency payments on the darknet as part of a broader strategy to combat drug trafficking. During a Parliamentary session on July 24, Nityanand Rai, Minister of State for Home Affairs, outlined the country’s approach to curbing the import and inter-state ...
CoinCDX, a leading Indian centralized cryptocurrency exchange, has acquired Dubai-based BitOasis for an undisclosed sum, marking its first major expansion into the Middle Eastern and North African (MENA) region. According to a press release published on Wednesday, June 3, 2024, this acquisition will enable CoinCDX, which initially invested in BitOasis ...
Cryptocurrency exchange Bitget is actively pursuing regulatory compliance in India and is now in active discussions with the country's Financial Intelligence Unit (FIU) to secure registration as a Virtual Asset Service Provider (VASP). This development was disclosed by Simran Alphonso, Bitget's head of global communications, in a social media post ...
India's central bank digital currency (CBDC), the e-rupee, is experiencing a significant decline in activity after local banks ceased efforts to artificially inflate its usage metrics, according to a new report from Reuters. The Reserve Bank of India (RBI) launched the e-rupee pilot in December 2022 as a digital alternative ...
India's Financial Intelligence Unit (FIU) has fined Binance over 188.2 million rupees (approximately 2.25 million USD) for failing to register and comply with the country's anti-money laundering (AML) regulations. The FIU announced that Binance violated multiple AML rules and directives aimed at combating the financing of terrorism, and its investigation ...
Binance is set to re-enter the Indian financial market after a four-month hiatus, during which it temporarily suspended its operations in the country. According to the Economies Times, a local media, the exchange will pay a $2 million fine for noncompliance with local laws before resuming its activities. In January ...
The Indian government has approved a $1.24 billion program to bolster artificial intelligence (AI) startups and innovations in the country for the next five years. The program, tagged "IndiaAI Mission", has an original budget of 10,300 crore rupees and will facilitate nationwide easy access to computing power, which is essential ...
