Regulation is important in trip to market and some of the countries are pushing it hard to make Crypto exchanges compliant as per the guidelines or rules whatever is available. India has also been in a different scenario because they have not cleared their stand for the Crypto which means it is in middle state where we can't say it is legal or illegal however trading and holding both are allowed.
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Indian government band international exchanges URL last year in the month of December and they asked these Global exchanges to get complaint with FIU. Now kucoin is the first exchange that has got complaint with the guidelines and hopefully after these their URL should be restored for the Indian users in the country. It is hard to understand how things are going because there is no clarity from the government site and even after this good news it is slightly different for users to have better clarity on how things are going to work now onwards..
KuCoin, a leading cryptocurrency exchange, has achieved a significant milestone by becoming the first global crypto exchange to be compliant with the Financial Intelligence Unit (FIU) in India. This accomplishment comes amidst recent regulatory changes in the Indian cryptocurrency landscape. Moreover, it highlights KuCoin’s commitment to strengthening its position in key global markets
I think more clarity will be shared in the coming days by the exchange itself that how they are going to proceed in the country but overall I believe it is a good start where the Indian community has got a Global exchange which is fully complaint with the Indian government guidelines.. Taxation is definitely one of the problem that uses are worried about but I believe over the period of time we can see better taxation with reduced rate and maybe it can be come even more user friendly in future..
Crypto is revolution and it is high time when countries need to understand that this can turn off the great source for them to generate multiple streams for the revenue generation wire tax is going to be one of the biggest revenue for them as well. I hope the government consider Crypto as a valuable segment and is the guidelines for exchanges as well as user so that these segment flourish over the time and grow significantly.
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