ByBit Resumes Services in India After Registering with Financial Intelligence Unit

After a brief pause, cryptocurrency exchange ByBit is set to resume its services in India, following its registration with the country’s Financial Intelligence Unit (FIU). As part of its efforts to comply with Indian regulations, ByBit has also settled a fine of approximately INR 9.27 crore (roughly $1.06 million) imposed by the Indian Ministry of Finance.

The Dubai-headquartered firm has been working closely with the FIU to address concerns and ensure compliance with India’s Prevention of Money Laundering Act (PMLA). ByBit has reaffirmed its commitment to upholding the highest standards in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures.

Compliance with Indian Regulations

As of March 2023, India has made it mandatory for all crypto exchanges, including offshore platforms, to register with the FIU and comply with the PMLA. Exchanges must adhere to strict reporting and record-keeping obligations under the law, and non-compliant entities are subject to enforcement actions.

ByBit’s registration with the FIU is a significant step towards ensuring compliance with Indian regulations. The exchange is also pursuing a Virtual Digital Asset Service Provider license, having submitted its application on June 26, 2024.

Engagement with Local Blockchain Advocacy Group

ByBit is actively engaging with the local blockchain advocacy group, the Bharat Web3 Association, to promote Web3 adoption in the country. The exchange has also launched educational initiatives through partnerships with the blockchain societies of premiere universities like IIT Delhi and IIT Kharagpur.

ByBit’s efforts to comply with Indian regulations and promote Web3 adoption in the country demonstrate its commitment to operating in a responsible and sustainable manner.

Tips for Crypto Exchanges Operating in India

  • Register with the FIU to ensure compliance with Indian regulations.
  • Adhere to strict reporting and record-keeping obligations under the PMLA.
  • Pursue a Virtual Digital Asset Service Provider license to demonstrate commitment to regulatory compliance.
  • Engage with local blockchain advocacy groups to promote Web3 adoption.
  • Launch educational initiatives to promote awareness and understanding of Web3 technologies.

Stay up-to-date with the latest news and developments in the world of cryptocurrencies and Web3 by following Global Crypto News.

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