Tag: India
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India Reevaluates Crypto Policy Amid Global Regulatory Shifts
India is reassessing its cryptocurrency stance in response to evolving global perspectives on digital assets. Economic Affairs Secretary Ajay Seth confirmed the ongoing review, citing changes in multiple jurisdictions’ approaches to cryptocurrency adoption and regulation. The reassessment has delayed the release of a discussion paper initially scheduled for September 2024. Speaking to Reuters, Seth emphasized…
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Bybit Temporarily Halts Services in India Amid Regulatory Pressures
Dubai-based cryptocurrency exchange Bybit, the world’s second-largest centralized exchange by daily trading volume, has announced a temporary suspension of its operations in India. This decision comes in response to tightening regulatory requirements in the region. Effective January 12, 2025, at 8:00 AM UTC, Indian users will no longer be able to trade, place orders, or…
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India’s Economic Advisor Calls for Balanced Crypto Regulation
India’s Chief Economic Advisor, V. Anantha Nageswaran, has urged regulators to encourage innovation in the cryptocurrency sector while ensuring transparency and accountability. Speaking at the Global Economic Policy Forum 2024, Nageswaran emphasized the importance of not hindering advancements in emerging technologies like crypto and Bitcoin. Encouraging Innovation, Balancing Societal Needs “Regulators must not stand in…
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India tops crypto adoption for 2023-2024
India has once again emerged as the global leader in cryptocurrency adoption, according to the latest report by Chainalysis. Despite strict regulatory policies and heavy taxes, Indian investors have been undeterred, continuing to engage in crypto transactions, particularly in centralized and decentralized finance (CeFi and DeFi) activities from June 2023 to July 2024. India’s lead…
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Binance resumes operations in India after 8 months
Binance, the world’s largest cryptocurrency exchange, has resumed operations for users in India after a seven-month suspension imposed by local authorities for allegedly operating “illegally” in the country. The exchange announced on Thursday that it has registered as a reporting entity with India’s Financial Intelligence Unit (FIU), a government agency responsible for monitoring financial transactions.…
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Indian exchange WazirX reportedly hacked for $234M
On July 18, Cyvers Alert reported that Web3 security firm Cyvers detected “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum. They believe that $234.9 million of funds were moved to a new address, with each transaction’s caller funded by Tornado Cash, a decentralized protocol for private transactions. The new address has already converted…
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India’s FIU receives resume request from four exchanges
The Financial Intelligence Unit-India (FIU-India), responsible for analyzing suspicious financial transactions, has received requests from four more offshore crypto exchanges to resume operations in India, according to a senior government official. At the start of 2024, India had banned nine crypto exchanges for non-compliance with anti-money laundering laws. The FIU lifted the ban on Kucoin…