The Financial Intelligence Unit-India (FIU-IND) issued non-compliance notices to what it calls virtual digital asset service providers.
- India’s Financial Intelligence Unit (FIU-IND) issued non-compliance notices to 15 offshore cryptocurrency platforms, accusing them of serving Indian customers without registering under the country’s anti–money laundering rules.
- Under the regulations, any crypto platform targeting Indian users must verify customers, maintain records and report suspicious activity — even if it has no physical presence in India.
- The move follows reports that some Indians are using overseas platforms to convert stablecoins into gift cards to fund daily expenses back home.
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The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters :
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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Original sourceCoinDesk
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