Markedly, this notice permits the authority to take enforcement actions against the crypto exchanges for non-compliance with federal laws prevalent in the region. Per the announcement, overseeing activities like “exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets” falls within the jurisdiction of the FIU IND. Crypto Exchanges Seeking Solace in Different JurisdictionsIt is worth noting that regulatory uncertainty is one of the top challenges being faced by crypto exchanges in different jurisdictions globally. However, it looks like the options are getting slimmer with other jurisdictions equally becoming stricter on crypto exchanges. The post Crypto Regulation: India Sends Crucial Warning to Crypto Exchanges appeared first on CoinGape.

Source: The Nation December 29, 2023 01:05 UTC