India After The Abolition Of Cryptoban. Key Points.

More than two weeks have passed since the Supreme Court of India lifted the ban on cryptocurrency trading. India expects rapid development and an influx of investment in the blockchain industry. Let’s consider the latest news about cryptocurrency in India.

India calls on cryptocurrency exchanges to emerge from the shadows

Only two cryptoсurrency exchanges in India are apparently on the Registrar of Companies

Minister Takur declared that cryptocurrency exchanges are “not defined in the Companies Act.“

He also added that only two companies related to cryptocurrencies registered with the Ministry of Corporate Affairs’ Registrar of Companies — Zeb IT Services and Unocoin Technologies.

 Arpit Ratan, co-founder Signzy said: 

“As long as crypto firms are maintaining through identity checks and performing audits, any company should be allowed to trade. Cryptocurrency companies should now start focusing on deploying stronger KYC, user data privacy, and AML policies to reduce room for cryptocurrency transactions to be exploited for illegal activities, such as crimes, money laundering, and tax evasions”

Crypto firms rush to invest in India cryptocurrency market

Сryptocurrency exchanges announced the injection of their coins after the ban was lifted.

For the first day, Unocoin, OKEx, Coindcx, and Bazance have resumed deposit service in the country.

Kraken plans to expand its presence in the Indian cryptocurrency market.

KuCoin also expressed interest in infusion to India.

Cryptocurrency exchanges promise capital inflow to India

CoinDCX will provide $ 1.3 million for Crypto Education in India

The company created a project called TryCrypto to introduce cryptocurrencies to over 50 million people in India.

Sumit Gupta, CEO, and co-founder at CoinDCX commented on opportunities for crypto education in India:

Indian exchange WazirX and Binance announce $50M Blockchain for India Fund

Companies create a “Blockchain Fund for India” to support the development of the Indian blockchain industry. WazirX and Binance will allocate $ 50 million to this fund with the support of Binance Coin (BNB), Binance USD (BUSD) and WazirX (WRX). The fund also promised to invest in blockchain projects in India.

The BitXmi team congratulates India on returning to the cryptocurrency market and invites all traders and crypto enthusiasts from India to join us!

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.