๐จ BREAKING: ๐ฎ๐ณ Explosive Revelations on India's #Crypto Clash ๐ณ
๐ฎ๐ณ The Indian government's BLOCKING of 9 offshore exchangesโtriggered by a SECRET letter from Bharat Web3 Association - Sources ๐ฑ
A thread ๐งต
๐ฎ๐ณ The Indian government's BLOCKING of 9 offshore exchangesโtriggered by a SECRET letter from Bharat Web3 Association - Sources ๐ฑ
A thread ๐งต
1๏ธโฃ Bharat Web3 Association's Request:
๐ India's #crypto advocacy body, Bharat Web3 Association, formally requested the government to take action against 9 offshore exchanges, citing the need for a level playing field and compliance with financial regulations.
๐ India's #crypto advocacy body, Bharat Web3 Association, formally requested the government to take action against 9 offshore exchanges, citing the need for a level playing field and compliance with financial regulations.
2๏ธโฃ Show Cause Notices Issued:
๐ The Indian government responds by issuing show cause notices to exchanges including #Binance, KuCoin, Huobi, Kraken, Gateio, Bittrex, Bitstamp, MEXC Global, and Bitfinex, setting a two-week response window.
๐ The Indian government responds by issuing show cause notices to exchanges including #Binance, KuCoin, Huobi, Kraken, Gateio, Bittrex, Bitstamp, MEXC Global, and Bitfinex, setting a two-week response window.
3๏ธโฃ Reasons for Action:
๐ The move aligns with efforts to regulate offshore exchanges, ensuring compliance with India's Financial Intelligence Unit (FIU) regulations and addressing concerns related to money laundering and investor protection.
๐ The move aligns with efforts to regulate offshore exchanges, ensuring compliance with India's Financial Intelligence Unit (FIU) regulations and addressing concerns related to money laundering and investor protection.
4๏ธโฃ Advocating for Fairness:
๐ Indian #crypto exchanges, represented by BWA, emphasize the need for a fair and level playing field, particularly regarding the 1% tax deducted at source (TDS) issue, aiming to protect their businesses from offshore competition.
๐ Indian #crypto exchanges, represented by BWA, emphasize the need for a fair and level playing field, particularly regarding the 1% tax deducted at source (TDS) issue, aiming to protect their businesses from offshore competition.
5๏ธโฃ Call for Compliance:
๐ The letter from BWA also requests offshore exchanges to establish an Indian entity, deposit applicable TDS, and, in case of non-compliance, suggests restricting access to platforms on app stores and blocking IP addresses.
๐ The letter from BWA also requests offshore exchanges to establish an Indian entity, deposit applicable TDS, and, in case of non-compliance, suggests restricting access to platforms on app stores and blocking IP addresses.
6๏ธโฃ Unprecedented Move:
๐ The advocacy body's direct involvement in triggering government action against offshore exchanges is unusual, highlighting the complexity of India's #crypto regulatory landscape.
๐ The advocacy body's direct involvement in triggering government action against offshore exchanges is unusual, highlighting the complexity of India's #crypto regulatory landscape.
7๏ธโฃ Level Playing Field:
๐ Indian exchanges stress the importance of fair competition, urging the government to address challenges faced by local platforms, especially after the imposition of taxes, which led to a significant migration of traders to offshore exchanges.
๐ Indian exchanges stress the importance of fair competition, urging the government to address challenges faced by local platforms, especially after the imposition of taxes, which led to a significant migration of traders to offshore exchanges.
8๏ธโฃ Protecting Users:
๐ Industry leaders believe that actions against offshore exchanges will mitigate risks, protect users from potential scams, and contribute to the development of a secure Virtual Digital Assets ecosystem.
๐ Industry leaders believe that actions against offshore exchanges will mitigate risks, protect users from potential scams, and contribute to the development of a secure Virtual Digital Assets ecosystem.
9๏ธโฃ Summary:
๐ The unfolding situation reflects the ongoing dialogue between the government, advocacy bodies, and #crypto exchanges in India.
๐ Stay tuned for further updates as the regulatory landscape evolves.
๐ The unfolding situation reflects the ongoing dialogue between the government, advocacy bodies, and #crypto exchanges in India.
๐ Stay tuned for further updates as the regulatory landscape evolves.
Liked the thread! Donโt forget to repost the first post and follow for more ๐ฅ๐
Loading suggestions...