Reportedly, four new foreign crypto companies are in line to receive regulatory approval to start providing crypto services in India.
India represents a major market for all types of business, including crypto. The country currently leads in terms of the number of crypto traders. Earlier this year, many foreign crypto platforms faced restrictions as they were not registered with the Indian FIU unit. Recently, Kucoin and Binance successfully secured FIU registration and began providing services with full access to Indian crypto traders.
According to the latest reports, over the past few days, more than four foreign offshore crypto companies have filed for registration with the Indian FIU body, aiming to gain full regulatory approval to launch their crypto services in the Indian market.
The names of these companies are not yet available in the public domain, but predictions suggest they could include top crypto exchanges like Coinbase, Bybit, or Huobi.
Insider information from anonymous sources suggests that two of these companies might be granted permission to start operating in India by the end of the financial year 2025.
Crypto Companies Operating in India
Currently, a total of 48 crypto companies are registered in India, but only a few are operating at a high level. Recent local media reports indicate that the Indian government is expected to release a consultation document in September or October of this year. This document will explore whether to outlaw or permit cryptocurrency assets in the country and outline national principles for cryptocurrency regulation, including investor safeguards and anti-money laundering procedures.
Crypto Investors Demand Investment Protection
Last month, popular Indian crypto exchange WazirX was hacked and lost a significant amount of funds. In the absence of liquidity, the platform decided to halt all business activities and filed for a moratorium in a Singapore court. WazirX customers are under significant stress, as a large amount of funds remains in custody and withdrawals may be delayed for one to two years due to lengthy legal proceedings. So WazirX customers took to X (Twitter) to show disappointment against WazirX & urged the Indian FIU unit to look into this matter.
Some Indian crypto influencers argue that the entry of top foreign crypto companies into India will provide safer options for investors, as opposed to platforms like WazirX.
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