Crypto Blog
Cryptocurrency exchange OKX has reportedly said that its services in India are being discontinued due to local regulations. In an email notification sent on March 21st, the platform urged users in the country to close their positions by the end of April.India has intensified its efforts to tackle illegal operations by exchanges within its borders.
Subsequently, Google and Apple removed these apps from the Play Store and App Store platforms in India. The latest development comes as a surprise, as OKX was notably absent from FIU’s list.Over the past decade or so, numerous crypto exchanges have emerged in India. However, this hasn’t hindered global entities from attracting local traders.
This is primarily due to strict taxation measures implemented since 2022, imposing a 30% tax on profits and a 1% deduction on each crypto transaction.in February this year, India’s finance minister, Nirmala Sitharaman, did not provide any updates regarding crypto regulation and taxation. Market participants in India were eagerly anticipating relief in this regard, especially after the government announced its involvement in cooperative efforts with G20 nations, which aligned with the ministry’s positionDespite the market recovery, the Indian government has maintained its cautious stance, as evidenced by Sitharaman’s comments at the recent India Today Conclave.
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