Indian government removed applications for some international crypto exchanges in January this year. This action was taken by the government because they want all the international exchanges to comply with Indian crypto guidelines. There is a government body called the Financial Intelligence Unit and this is the department that has been working on this segment to bring all the exchanges under one roof and get compliant. They had issued notice to all the exchanges earlier and given them some time but since no exchange responded within the time they had to block the URL and get the app removed from the Play Store.
Now there is good news that KU coin is the exchange that is compliant with the financial intelligence unit in India. This update was shared last month and now the app has been restored on the Play Store. Certainly, good news for the Indian Crypto community because they can now access the application officially.
Because this is compliant all the tax laws are applicable but I'm not sure if the exchange will be deducting the TDS also. Although I have not seen any update from the exchange side explaining the rules and regulations they are following now since they are compliant it is expected that they would be doing it.
Now because the application is restored on the Apple store and for sure the URL should also be working by now. I hope more exchanges come forward and get compliant in India because it is one of the biggest markets in the world for crypto companies and they can provide services officially only if they follow the Indian government guidelines. One of the exchanges called OKX has announced that it will not be operating in India as they do not want to register with the Indian government however no more detail has been shared about this decision.
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