The Indian government's Financial Intelligence Unit (FIU) has approved the applications of offshore cryptocurrency exchanges Binance and Kucoin to register them as Virtual Asset Service Providers (VASPs) to trading in India, a top government official said.
Kucoin paid a penalty of ₹35.5 lakh for past non-compliances and the ban on its websites has been lifted. Meanwhile, Binance's quantum of liabilities is still being computed, he said.
"So Kucoin and Binance have got registered with FIU India," Vivek Aggarwal, director, FIU-IND, told reporters on Friday. "We are now having a full visibility of transactions that we need and the STR (suspicious transaction report) submission process will start soon."
ET was the first to report in the April 18 edition that Binance, the world's largest cryptocurrency exchange that was banned by the government in January, is poised to return to India by paying a penalty of about $2 million.
Aggarwal, however, did not confirm the sum and said that calculations are still being made. He added that FIU guidelines do not mandate offshore entities to register a separate business in India, but "there has to be a principal compliance officer who gets registered with FIU, India, and whose address and details are available to FIU for interacting."
When asked about the case of individual investors who have been illegally trading on offshore platforms and evading taxes for almost two years before the ban, the official said that those transactions need to be studied.
"If the platform is illegally operating, the investors are also illegally operating. It has to be seen if there is a legitimate transaction that has happened, from where the money has come, whether it is going through a banking channel, and whether it is declared in the tax return of the concerned taxpayer," he said.
In January, Binance was among nine offshore cryptocurrency platforms, namely, Kucoin, Huobi, OKX, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex to be prohibited from operating in India through web addresses and mobile applications. The government's action was in response to the platforms' failure to comply with FIU and anti-money laundering guidelines.
Of these, Bitstamp and OKX have wrapped up operations in India, while Gate.io and Kraken are still in conversations with the FIU, Aggarwal said.
FAQs
The Indian government's Financial Intelligence Unit (FIU) has approved the registration applications of offshore cryptocurrency exchanges Binance and Kucoin as Virtual Asset Service Providers (VASPs) to operate in India. Kucoin, after paying a penalty of ₹35.5 lakh for past non-compliances, had its ban lifted.
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