India got 28 Companies registered with Financial Intelligence Unit

This year India has a country has been working more on the Crypto regulation side and they have also shared some updates about it. During the event G20 they mentioned that India is working on a global framework and they are expecting the consensus from all the countries. Now there is another update that they have established a financial intelligence unit to report anything that is not as per the policy and not following the AML rules.

They have also shared early staff twenty-eight companies that are registered with the financial intelligence unit. Technically it is part of the regulation that we are going to see in the future and all these registered companies are mostly crypto exchanges that are operating in the country. It means that the country is moving towards the crypto regulation but the concern is how they are going to do it because they have never been crypto-friendly since the beginning.

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As a user, we don't know how is it going to be and what actions we will be required to take so that the crypto trading can be a seamless experience. Now it's obvious that the government is putting more stress on the regulation which means probably in future we are not going to get an environment which is user friendly. I hope things are done with a balanced approach where Crypto exchanges and traders are considered equally to build the rules and regulations that do not affect the market in a negative approach.

Let's wait and watch what outcome we are going to get in the future and probably in 2024 some more details will be shared by the government about crypto and how they are going to regulate it. Fingers crossed and just hope that it is more user-friendly because restricting everything may not be a good idea and a balanced approach can still bring more value to it.

Thank you