Current Scenario of Crypto Exchanges in India (2024)

FAQs

What is the crypto situation in India? ›

They are unregulated but according to the recent Union Budget 2022, the government of India announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at source.

Cryptocurrency trading is legal in India, but it is a highly regulated industry. Investors should carefully consider the legal and regulatory aspects, as well as the risks involved, before engaging in any cryptocurrency trading activities.

In the latest development on cryptocurrency exchanges domestically, the Indian government has blocked URLs of nine cryptocurrency exchanges in India. Here's all you need to know.

The total crypto market volume over the last 24 hours is $95.56B, which makes a 19.84% decrease. The total volume in DeFi is currently $6.61B, 6.91% of the total crypto market 24-hour volume. The volume of all stable coins is now $88.8B, which is 92.93% of the total crypto market 24-hour volume.

Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules.

The top trending cryptocurrency in India is HmmOnSOL. Click on the coins below to learn more about the price and market data. You can also find out the best exchanges to trade these coins by comparing their exchange rates, orderbook depth, trading volume and other useful data.

Right now, 1 Bitcoin is worth about ₹5,591,004.42.

Months After Ban, Binance & Kucoin Get FIU Nod To Operate In India. Currently banned by the Indian government, crypto exchange Binance has reportedly received approval from the Financial Intelligence Unit (FIU) of the finance ministry to operate as a virtual asset service provider (VASP).

Which is the safest crypto exchange in India? ›

CoinDCX is considered one of the safest and most transparent cryptocurrency trading platforms in India. The onboarding process of users is carried out with a large number of security checks done through automated software applications such as biometrics.

In India, cryptocurrency gains are taxed at a rate of 30%. TDS is applicable at 1% for crypto transfers exceeding certain amounts. Airdrops, mining, staking, and gifts are all subject to taxation. Reporting crypto assets in financial statements is mandatory for companies.

In January, Binance was among nine offshore cryptocurrency platforms that were banned from operating in India through web addresses and mobile applications. The action was in response to the platforms' failure to comply with FIU and PMLA guidelines.

Binance was banned in response to its non-compliance with anti-money laundering laws in the country.

It's obviously done to make sure that the large amount of transactions occur smoothly and effectively, the more the merrier but it is very complex and takes lots of efforts to keep opening one stock exchange after another which is why there are only two stock exchanges currently.

The crypto market is down today as U.S. macroeconomic headwinds and a harsher regulatory stance from the SEC impact investor sentiment.

Binance was banned in response to its non-compliance with anti-money laundering laws in the country.

Right now, 1 Bitcoin is worth about ₹5,901,226.79.