India on High Ranking in Crypto investment for Second Straight Year -lattestnews24

The crypto segment has grown rapidly in the country in the last few years. Despite high taxes, investors are increasingly interested in cryptocurrencies. 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 reported in a report that the use of centralized exchanges and decentralized finance assets has increased in the country between June last year and July this year. The central government has taken a tough stand against the crypto segment in the country since 2018. At the end of last year, nine offshore crypto exchanges were issued show cause notices by the Financial Intelligence Unit (FIU) for not complying with the rules.

Recently, Binance, one of the largest crypto exchanges, received a notice to pay GST of Rs 772 crore in the country. After this, Binance reiterated its commitment to comply with the laws of the country. This American exchange was issued a notice 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 the lack of registration of this exchange with the FIU.

This notice was issued to Binance by the Ahmedabad Zonal Unit of Directorate General of GST Intelligence (DGGI) in Gujarat. The reason for this notice is a fee collected from the traders of the country. The amount of this fee is about Rs 4,000 crore and it was transferred to the company abroad. The Ahmedabad Zonal Unit of DGGI had caught a discrepancy in the functioning of Binance. Last month, Binance registered with the FIU and also paid a fine of $ 22.5 lakh. This fine was imposed in June due to the exchange violating 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.

(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)