The Indian Government Reveals 28 Registered Crypto Service Providers

The Indian government has recently disclosed that there are currently 28 crypto service providers registered with the country's Financial Intelligence Unit. Moreover, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements are applicable to offshore cryptocurrency exchanges that cater to the Indian market.

Government Provides Details on Registered Entities

In Lok Sabha, the lower house of India's parliament, the Ministry of Finance addressed several crypto-related inquiries on Monday. In response to a parliament member's question regarding the registered entities under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Guidelines for Reporting Entities providing services related to virtual digital assets, Pankaj Chaudhary, the Minister of State in the Ministry of Finance, presented a list of 28 Virtual Digital Assets Service Providers (VDA SPs) registered with India's Financial Intelligence Unit (FIU).

Among the registered entities are Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.

Applicability of Guidelines and Reporting Requirements to Offshore Exchanges

Additionally, the Ministry of Finance was questioned in Lok Sabha about the applicability of the aforementioned guidelines and reporting requirements to offshore crypto exchanges operating in the Indian market. In response, Minister Pankaj Chaudhary confirmed that these guidelines and reporting requirements do indeed apply. The registration process for the VDA SPs has already commenced, and appropriate action will be taken under the Prevention of Money Laundering Act (PMLA) in cases of non-compliance by offshore platforms.

What Does This Mean for the Crypto Industry?

The revelation of registered crypto trading platforms and the application of guidelines to offshore exchanges by Indian Minister of State Pankaj Chaudhary has significant implications for the crypto industry. It highlights the government's commitment to combating money laundering and terrorist financing in the digital asset space. This move also signifies a step towards regulatory clarity and accountability within the Indian crypto market.

What are your thoughts on the information provided by Indian Minister of State Pankaj Chaudhary regarding registered crypto trading platforms and offshore exchanges? Share your opinions in the comments section below.


How To

The History of Gold as an Asset

From the very beginning of time, gold was a currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Aside from its inherent value, it could be traded internationally. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.

The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. In this period, large amounts of gold coin were minted by the United States, which caused the gold price to drop. Due to the excessive amount of money flowing into the United States, they had to find a way for them to repay some of their debt. To do so, they decided to sell some of the excess gold back to Europe.

Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. Many European countries started to accept paper money as a substitute for gold after World War I. Since then, the price of gold has increased significantly. Even though the price fluctuates, gold is still one of best investments.


By: Kevin Helms
Title: The Indian Government Reveals 28 Registered Crypto Service Providers
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Published Date: Tue, 05 Dec 2023 16:00:34 +0000

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