Hello and Namaste Everyone,
International exchanges are having a tough time in India because they were issued first in December last year. This month they have gone through another event in which their URLs are blocked in the country and even their applications are removed from the Play Store and Apple stores. The application is working for certain exchanges if it is already installed as reported by some users on different social media channels.
Users are also facing problems because they are not able to use these exchanges but this event has also helped Indian exchanges to get more users back on their platforms. Even these exchanges are getting more deposits because people who had funds on international exchanges are withdrawing them and keeping them in an Indian exchange wallet also. It is recommended to use the hardware wallet but not everyone keeps it because it is expensive and also requires some technical understanding. Self-custody is good but there is also a risk that if you lose the device key, you lose access to your funds,
Recently an update has been shared by one crypto influencer that some international exchanges are in discussion with FIU. FIU means the financial intelligence unit which is a government body and this is the authority that has created all these problems for international exteriors and the users accessing those platforms. It's good that we have some updates where exchanges are trying to get registered in the country. India is a bigger market so it was expected that some of the exchanges will not leave this market because it can help them have better revenues later on. The country is not crypto-friendly but they are also not talking about banning it instead they are asking the exchanges to get registered and follow their guidelines.
Now it will be seen how much time the entire process takes and when at least one exchange confirms that they are finally registered in India at public compliance. Compliance is necessary and without it, no exchange can get registered or operate in the country. If these exchanges are keen to have their presence in India it's obvious that they will be following all these requirements and get whatever is needed for the government. Hoping that everything will go well and that Indian users will be given access again to international exchanges. Saving tax is not the reason why people are moving to international exchanges instead the overall experience with Indian exchanges is ongoing. Even the wallets are mostly in maintenance, and support is not up to the mark.
I do not trade so it's not a big thing for me to be honest but I still hope that there should be more exchanges available so that we need not struggle on this part and whenever one wants to buy or sell can do it easily. Taxation should also be easy for the crypto industry in India. Let's hope it goes right as expected and the government pays more attention to this industry by bringing some favorable rules to empower and boost its growth.
Thank you so much
Stay Safe