FIU Crypto Exchange Registrations Reach 49 in India

During FY 2024–25, 49 virtual digital asset service providers registered with FIU-IND. This group included 45 India-based exchanges and four offshore platforms. The registrations followed the 2023 mandate under the Prevention of Money Laundering Act.

More importantly, this move pushed crypto platforms into the formal financial compliance framework. Exchanges now fall under the same reporting standards as banks and financial institutions. As enforcement increased, regulators also imposed ₹28 crore in penalties.

In addition, authorities blocked access to several offshore platforms that ignored registration requirements. Consequently, compliance shifted from optional to unavoidable.

Impact on India’s Crypto Industry

India’s crypto sector expanded despite high taxation and regulatory uncertainty. However, many offshore exchanges previously operated in a grey area. That changed once enforcement intensified.

Since then, trading activity has consolidated on compliant platforms. Domestic exchanges gained an edge, while global players paid penalties to re-enter legally. Therefore, regulation has reshaped market dynamics rather than slowing adoption.

What Comes Next for Crypto Compliance in India

Looking ahead, FIU plans tighter monitoring in FY 2025–26. Risk-based supervision will likely increase across exchanges. Non-compliant platforms may face permanent exclusion.

Meanwhile, compliant exchanges could attract institutional capital. Policymakers may also clarify rules for DeFi and NFTs. This balance between control and innovation remains critical for long-term growth.