‘Studio karaoke app in your hand’ SOMESING successfully launches beta service
Apple did not immediately respond when asked for comment on the removal of the cryptocurrency exchange app from the Indian App Store.
The Binance South Asia X handle pinned the following tweet:
Regulatory Diagramma
Recently, a significant number of Indian traders have turned to using global cryptocurrency platforms, seen as a means to evade tax obligations. India introduced taxation on cryptocurrencies last year, imposing a 30% tax on profits and a 1% deduction for each cryptocurrency transaction. Several India-based cryptocurrency exchanges, such as a16z-backed CoinSwitch Kuber, B Capital-backed CoinDCX, and WazirX, which previously partnered with Binance, continue to enforce stringent know-your-customer (KYC) verification for new user onboarding. Many global platforms have not followed similar practices. As a result, WazirX suffered a significant 97% decline in trading volume over two years, partly due to traders migrating to global applications.
Ashish Singhal, Co-Founder and CEO of CoinSwitch, said: We highlighted platforms such as CoinSwitch and CoinSwitch PRO.is among other virtual digital asset (VDA) exchanges in India and is already compliant with India’s Prevention of Money Laundering Act (PMLA) requirements for virtual asset service providers (VASPs). Singhal emphasized that it is important for foreign exchanges to comply and meet these regulatory standards if they want to do business in India. Singhal emphasized that offshore exchanges should consider registering with the Financial Intelligence Unit of India (FIU-IND) and complying with India’s anti-money laundering (AML) and counter-financing of terrorism (CFT) measures. According to Singhal, this approach will not only help protect consumers in India but also ensure greater regulatory oversight within the cryptocurrency ecosystem.
Two prominent cryptocurrency exchanges in India, CoinDCX and CoinSwitch Kuber, had previously warned the New Delhi government about the potential consequences of the newly imposed taxation policy on cryptocurrencies. They warned that such policies could lead users to gravitate towards decentralized exchanges or choose non-compliant services. CoinDCX recently announced its intention to incentivize customers who transfer their cryptocurrency holdings from global exchanges to India-based platforms through a rewards program.
India has historically maintained a strict stance on cryptocurrencies and institutions that facilitate crypto trading. About five years ago, the Reserve Bank of India (RBI) imposed a ban on cryptocurrencies in the country. This ban was later overturned by India’s Supreme Court, but the RBI has continued to defend the ban on cryptocurrency assets. Senior central bank officials have even likened these virtual digital assets to a Ponzi scheme.
Coinbase, a globally recognized cryptocurrency exchange, stopped accepting new customers from India last year. Coinbase CEO Brian Armstrong claimed in 2022 that the company was facing what he called “informal pressure” from India’s central bank. This move by Coinbase demonstrates the difficulties international exchanges face in navigating India’s regulatory environment and highlights the complexities and pressures associated with operating within the country’s cryptocurrency market.
