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The Financial Intelligence Unit (FIU-India) of India is expected to approve two further offshore <a href="https://optimisus.com/market/market-news/binance-is-now-fully-available-for-indian-users/" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> to recommence their activities by the conclusion of the fiscal year 2025, after a comprehensive evaluation of their adherence to anti-money laundering (AML) legislation.The FIU is presently evaluating four fresh requests from four exchanges that were previously prohibited due to their failure to comply with India&#39;s rigorous AML requirements.The agency stressed the importance of adhering to Indian financial regulations and intends to enforce penalties as needed, as demonstrated by the $2 million fine imposed on Binance earlier this year prior to its re-entry into the Indian market.In recent years, the Indian government&#39;s position on crypto has transformed, with an emphasis on striking a balance between fostering innovation and ensuring financial stability.In April 2022, India implemented a 30% tax on profits made from <a href="https://optimisus.com/market/market-news/india-seeks-over-80-million-from-binance-exchange-for-unpaid-taxes/" rel="noopener noreferrer nofollow">crypto investments</a> and a 1% tax deducted at the source (TDS) on each cryptocurrency transaction.These measures were put in place to regulate the movement of digital currencies and combat unlawful activity. The imminent authorizations for supplementary offshore exchanges have the potential to intensify competition in the domestic market, provide Indian investors with a wider range of trading alternatives, and potentially augment liquidity.The Department of Economic Affairs (DEA) is anticipated to publish a consultation paper on crypto legislation by October, which is expected to have a significant impact on the development of India&#39;s long-term legal structure for digital assets.

India's Financial Intelligence Unit is set to approve two new offshore crypto exchanges

Optimisus

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