How India Revamped Its Crypto Industry in 2025: 49 Exchanges Registered, $3.1M in Fines Issued, Here’s What’s Next
In 2025, India implemented a major regulatory overhaul for its cryptocurrency industry, moving from a gray-zone environment to a clear compliance framework. The Financial Intelligence Unit (FIU) registered 49 crypto exchanges—45 domestic and four offshore—and imposed fines totaling approximately $3.1 million on non-compliant platforms, including significant penalties for exchanges like Bybit. Under the Prevention of Money Laundering Act (PMLA), registered exchanges are now required to follow strict anti-money laundering protocols, conduct internal audits, and monitor transactions. The changes aim to reduce illicit activities while providing regulatory legitimacy, paving the way for safer trading and potential institutional participation. Despite progress, challenges remain due to the Reserve Bank of India’s continued skepticism toward private cryptocurrencies. The regulatory shift sets the stage for further developments in areas like stablecoins and asset tokenization in 2026.
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