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Crypto News: The Financial Intelligence Unit under the Ministry of Finance has issued show-cause notices to foreign-owned cryptocurrency and online digital asset platforms such as Binance and KuCoin for non-compliance with anti-money laundering laws.
URLs of these nine organizations will be blocked
The Financial Intelligence Unit has also written to the Ministry of Electronics and Information Technology to block the URLs of these nine entities operating illegally without complying with the provisions of the Anti-Money Laundering Act in India. Besides Binance and KuCoin, other virtual digital asset service providers are Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
The Ministry of Finance said there are reporting, record keeping and other obligations on virtual digital asset service providers under this Act, including registration with the FIU IND. In March, the government brought virtual digital asset service providers under the purview of PMLA provisions. So far, 31 virtual digital asset service providers have registered with the Financial Intelligence Unit.
The total number of crypto investors is more than 1.9 crore
It is noteworthy that the total number of crypto investors in the country is more than 1.9 crore and about nine percent of them are women investors. According to a Coinswitch report, 75 percent of people investing in cryptocurrencies in the country are young and are between the ages of 18 and 35. Metros like Delhi, Bengaluru and Mumbai alone account for a fifth of the total value of crypto investments. Delhi tops the country in crypto investment by value.