India Moves to Recover $345 Million in Taxes from Kraken and Other Foreign Crypto Exchanges
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
India’s Financial Intelligence Unit (FIU) took decisive action to recover $345 million in Goods and Services Tax (GST) from seven foreign crypto exchanges, including Kraken, Bitfinex, and MEXC Global, operating in the country.
This enforcement measure comes after several warnings issued to these exchanges regarding their failure to comply with India’s tax laws.
The exchanges involved, such as Kraken, Bitfinex, MEXC Global, Huobi, Gate.io, Bittrex, and Bitstamp, were banned from offering cryptocurrency services in India.
As part of the regulatory process, these platforms will now need to demonstrate compliance with Indian financial regulations, specifically the Prevention of Money Laundering Act (PMLA).
According to reports from the Economic Times, hearings will soon determine whether these exchanges can resume operations in India.
The exchanges will need to present their cases, showing compliance with the PMLA and demonstrating that they can fulfill the reporting obligations required under Indian law.
Read more on cryptonews.com
