28 Indian cryptocurrency platforms have registered with the country's anti-money laundering department, according to the Minister of State for Finance. This move follows the government's announcement in March that crypto businesses must register with the Financial Intelligence Unit and comply with the Prevention of Money Laundering Act. The registered platforms, including CoinDCX, WaxirX, and CoinSwitch, are now legally obligated to carry out verification processes like Know Your Customer. Offshore exchanges serving the Indian market are also subject to these guidelines. Non-compliant offshore platforms may face action under the Prevention of Money Laundering Act. The Indian crypto market is also facing challenges in terms of taxation, with the government imposing a 1% Tax Deducted at Source on crypto transactions exceeding INR 10,000 and a 30% tax on profits. The Reserve Bank of India has openly called for a cryptocurrency ban.
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