India's Finance Ministry is seeking to prevent major offshore cryptocurrency exchanges, including Binance, Kucoin, and Huobi, from operating illegally in the country. The ministry has issued compliance show-cause notices to nine exchanges, accusing them of not adhering to local money laundering laws. Additionally, the ministry has requested the information technology ministry to block their URLs. The finance ministry has stated that virtual digital asset service providers must register with the Financial Intelligence Unit-India (FIU-IND). Currently, there is a 1% tax on crypto transactions in India, leading many users to shift to foreign exchanges. This has resulted in a loss of potential revenue for the Indian government.
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