India on High Ranking in Crypto investment for Second Straight Year

The crypto segment has grown rapidly in the country in the last few years. Despite high taxes, investors’ interest in cryptocurrencies is increasing. This is the second consecutive year in which India has a high ranking in the world for investment in cryptocurrencies. However, in the last few months, regulators have also taken strict action against some firms in this segment.

Blockchain analytics firm Chainalysis has Report It has been told that between June last year and July this year, the use of centralized exchange and decentralized finance assets has increased in the country. The central government has taken a tough stance against the crypto segment in the country since 2018. Late last year, show cause notices were issued by the Financial Intelligence Unit (FIU) to nine offshore crypto exchanges for not following the rules.

Recently Binance, one of the largest crypto exchanges, received a notice to pay GST worth Rs 772 crore in the country. After this Binance reiterated its commitment to comply with the laws of the country. A notice was issued to this American exchange by the Directorate General of GST Intelligence (DGGI). Earlier this year, Binance’s business was temporarily banned in the country. The reason for this was that this exchange was not registered with FIU.

This notice to Binance was issued by the zonal unit of the Directorate General of GST Intelligence (DGGI), Ahmedabad in Gujarat. The reason for this notice is a fee collected from traders in the country. The amount of this fee is approximately Rs 4,000 crore and it was transferred to the company abroad. DGGI’s Ahmedabad zonal unit had detected a glitch in the functioning of Binance. Last month, along with registering with FIU, Binance also paid a fine of $22.5 lakh. This fine was imposed in June due to the exchange’s violation of the Prevention of Money Laundering Act (PMLA). This is the 19th international license for Binance. It already has licenses for business in Sweden, Dubai, Kazakhstan and France.

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