Have you ever heard about the two exchange platforms Binance and KuCoin which have been given a go-ahead by India's anti-money laundering bodies?
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It is big news. I have always been curious about digital currencies but a little bit skeptical at the same time. However, with such big players being approved by the government, I am now sure that it is high time everyone engaged in using cryptocurrencies.
Binance and KuCoin are some of the giant participants in cryptocurrency. So when they were cleared by India’s Financial Intelligence Unit, I was shocked. This is particularly crucial bearing in mind that they had previously been banned for allegedly operating illegally. Nonetheless, now their business has resumed as a sign that things are changing regarding cryptocurrencies in India.
Even KuCoin paid $41k fine just to get back into the game! Though this amount of money is not small, it seems like they are determined to play according to the rules. While Binance is not out of woods yet over these accusations either; because they haven’t fully resumed business pending discussions with authorities on the subject matter and there are rumours of them being slapped with a $2m worth fine by word-of-mouth.
But you know?
In general, these exchanges are giving me hope, despite the penalties and controversies. I am just hopeful because they now recognize that this market is embraced by the legal systems. To me, that shows how serious India is about cryptocurrencies and that’s something good.
However, it isn’t only about Binance and KuCoin. So far, there are 48 crypto businesses registered in India under the Prevention of Money Laundering Act. That’s huge for a country like India. This means there might be an increased interest in crypto in India and I find this quite exciting. Granted, the government hasn’t always been clear on its stance regarding cryptos; however things appear to have started getting clearer.
And talking of which, at an international level, India has been on a global stage when it comes to cryptocurrency issues. At G20 meeting, they made sure that everybody agrees on Cryptocurrency regulations as a priority issue in their agenda .
You know what? They actually did it! Everyone in G20 agreed to adopt worldwide standards concerning virtual currencies. Not bad considering that even today no regulation is present for cryptocurrencies came out of India itself.
But hey, better late than never, right? They are at least working on it. But I do confess that the absence of a crypto bill still around is slightly worrisome. In fact one legislator even hinted that we might not see one until 2025. Waiting for such a long period of time is however not ideal. But apparently, these things take time particularly in relation to something as complex as cryptocurrency.
However, things aren’t so bad after all. The report released by Bharat Web3 Association is just a tip of the iceberg. It demonstrates that there’s thought being given to how cryptocurrencies can be regulated fairly and effectively. And you know what? I think it’s great! I want to see cryptos successful but also cautious about its development in such a way that will guard people against fraudsters and scammers.
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The report says that one of the most important things is full visibility of crypto transactions. This seems reasonable to me if you ask me, because we don’t want dubious acts like using cryptos for money laundering or terrorism financing sneaking around our backs unnoticed.
Nonetheless it's critical to establish some regulations which ensure proper monitoring takes place in the financial eco system when handling such issues
I have a positive outlook on the future of digital currencies in India. Truly, there are still some issues yet to be cleared out but remember that Rome was not built in one day. As more exchanges are getting registered, more talks are happening at the global level and more people think about how to regulate crypto responsibly, I believe we are moving towards the right direction. And guess what? I can’t wait to see where we will go ultimately.