The incident of overnight disappearance of these foreign exchange from the App Collect occurred about a week after the Government of India issued a notice to seek updates on their legal compliance conditions. At that time, the Indian Financial Intelligence Unit (FIU) urged the government to ban these crypto exchanges until they show how much they have compared to India’s Crypto laws.
Members of India’s Crypto Community are actively discussing the reasons and warnings behind the disappearance of these apps from Apple’s ecosystem in India. Along with Binance and Kraken, Mexc, Huobi and Gate.io are also not visible on searching.
This step seems to be a part of the regular efforts that India is making aimed at removing the concerns related to tax evasion regarding the Crypto region.
Last year, after India taxing the crypto income, many Indian traders decided to transfer their deposit to offshore international exchanges. Indians have to pay 30 percent tax on all crypto earnings and 1 percent TDS on all crypto transactions. As soon as these laws came into force in 2022, the Indian Crypto exchanges recorded a decline in trading volumes.
The government now wants to reduce the margin of misuse of crypto for criminal activities and quietly promote the use of native exchanges.
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