Fight offshore threats to crypto and web3 in India
The post Fight offshore threats to crypto and web3 in India appeared on BitcoinEthereumNews.com.
Recently, the India-based organization for the defense of crypto and Web3 has called for the adoption of measures against offshore entities. The president of the Bharat Web3 Association (BWA) sent a letter to the Indian government on December 16th. Offshore exchanges have been notified and have a two-week deadline to respond to the dispute notice. Let’s see below all the details. Web3: The BWA Initiative against offshore entities in the crypto world As anticipated, the decision of the Indian government to block the URLs of nine offshore exchanges, announced on Thursday, was made in response to an official request from the Indian crypto and Web3 defense entity. A letter dated December 16, written by the president of the Bharat Web3 Association (BWA), Dilip Chenoy, has been addressed to the Secretary of the Department of Revenue of the Indian Ministry of Finance, Sanjay Malhotra. Foreign exchanges have been notified and have two weeks to respond to the show cause notice. This raises questions about the actions that could be taken against them, as reported by an anonymous source. However, the BWA letter proposed a one-month grace period for offshore exchanges to register with the Financial Intelligence Unit (FIU) of India, which is subordinate to the Ministry of Finance. It is not immediately clear whether the BWA initiative triggered the government action or if it was taken unilaterally. In March, the Indian Ministry of Finance had imposed on cryptocurrency companies to register with the FIU and adhere to the Prevention of Money Laundering Act (PMLA). So far, 31 national entities have registered with the UIF. Specifically, Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are the involved exchanges. The action taken by local entities linked to cryptocurrencies against foreign exchanges is unusual and almost unprecedented, as local exchanges usually…
Filed under: News - @ December 30, 2023 4:16 am