Sumit Gupta Highlights Competition After 49 Crypto Exchanges Report FIU Registration

TheNewsCryptoPublicado em 2026-01-06Última atualização em 2026-01-06

Resumo

CoinDCX CEO Sumit Gupta emphasized the competitive nature of India's crypto market, noting that over 100 exchanges are still pending registration with the Financial Intelligence Unit (FIU). This follows reports that 49 exchanges—45 domestic and 4 offshore—registered with the FIU in FY 2024-2025. India is strictly monitoring the sector, imposing penalties of approximately ₹28 crore on non-compliant platforms. The FIU, designated as the sole regulatory authority for virtual digital assets, requires exchanges to share financial accounts, appoint compliance officers, and conduct internal audits to mitigate money laundering and terror financing risks.

Sumit Gupta, the Chief Executive Officer of CoinDCX, has underlined the level of competition that exists in the Indian crypto market. His statement comes after reports surfaced, highlighting the number of crypto exchanges that have registered with the Financial Intelligence Unit (FIU). India continues to monitor developments in its crypto market.

Sumit Gupta on Indian Crypto Market

CoinDCX CEO has stated that the Indian crypto market is more competitive than most people think it is. He based this on the fact that at least a hundred exchange platforms are yet to complete their registrations with the FIU, a federal agency that is responsible for reviewing the misuse of the country’s financial system.

A statement by Sumit Gupta came after reports stated that 49 crypto exchanges had registered with the FIU in FY 2024-2025. This includes 45 India-based platforms and 4 offshore platforms. Sumit’s statement emphasizes that there are 100s more exchange platforms, in addition to these 45, waiting to complete their registration.

India Monitoring its Crypto Market

India is closely and strictly monitoring the crypto market. This is evident from the imposition of penalties worth approximately ₹28 crore on non-compliant platforms during the same year. A compliant crypto exchange platform is essentially required to identify and report the ownership of wallets while monitoring crowdfunding activities by blockchain projects.

The crypto market is gaining traction in India with the potential to transform the financial sector and generate wealth creation opportunities. Per the FIU report accessed by PTI, the traction has been rather significant, and the ecosystem is rapidly evolving. A major risk identified in the same report is only in the form of money laundering and terror financing risks.

Addressing Risks

Nevertheless, India is addressing risks related to the crypto market early. It has designated FIU as the sole authority to register and monitor cryptocurrencies, referred to as virtual digital assets. Operational under the Finance Ministry, FIU is also tasked with monitoring VDA service providers, or exchange platforms.

Crypto exchange platforms are required to share bank and financial institution accounts after completing their registration. Additionally, they must appoint a director along with a principal officer with the complete contact details. Internal audits are another requirement listed by FIU on top of adopting risk-based customer due diligence.

Highlighted Crypto News Today:

U.S. Faces Scrutiny Over Bitcoin Sale Despite Strategic Reserve Order

TagsCrypto ExchangesIndia

Perguntas relacionadas

QWhat did Sumit Gupta, CEO of CoinDCX, highlight about the Indian crypto market?

ASumit Gupta highlighted that the Indian crypto market is more competitive than most people think, based on the fact that at least a hundred exchange platforms are yet to complete their registrations with the Financial Intelligence Unit (FIU).

QHow many crypto exchanges have registered with India's FIU in FY 2024-2025, and what is the breakdown?

A49 crypto exchanges have registered with the FIU in FY 2024-2025. This includes 45 India-based platforms and 4 offshore platforms.

QWhat is one of the major risks identified in the Indian crypto market according to the FIU report?

AA major risk identified in the FIU report is money laundering and terror financing.

QWhat are some of the requirements for crypto exchange platforms to be compliant with Indian regulations?

ACompliant crypto exchange platforms are required to identify and report wallet ownership, monitor crowdfunding activities, share bank and financial institution accounts, appoint a director and a principal officer with complete contact details, conduct internal audits, and adopt risk-based customer due diligence.

QWhat action has India taken against non-compliant crypto platforms, as mentioned in the article?

AIndia has imposed penalties worth approximately ₹28 crore on non-compliant crypto platforms during the same year.

Leituras Relacionadas

Michael Saylor Claims It Has Become Impossible to Implement the Bitcoin Update He Opposed!

Michael Saylor stated that it has become mathematically impossible for BIP-110 to achieve its required 55% voluntary support threshold within the current Bitcoin mining difficulty adjustment cycle. According to his analysis of 946 blocks generated up to block 960,561, only 24 blocks included a version field signal supporting BIP-110. Saylor noted that all these signaling blocks were mined by DATUM miners sharing rewards through the OCEAN pool, with no supporting signals from miners outside OCEAN. He concluded that BIP-110 will not reach the 55% level in this cycle and argued the current signals do not represent a broad miner consensus. BIP-110 is a proposal aimed at making it harder to embed large non-financial data, like images or text, into the Bitcoin blockchain, promoting a view that Bitcoin should be used primarily for monetary transactions. Saylor opposes this, arguing the Bitcoin network should not arbitrate which transactions are necessary and that rules should not change based on the preferences of a few. He also contends that high support metrics may be inflated by automated signaling software rather than reflecting genuine miner support.

cryptonews.ruHá 8m

Michael Saylor Claims It Has Become Impossible to Implement the Bitcoin Update He Opposed!

cryptonews.ruHá 8m

Within Strategy's Framework, STRC's Dividend Yield Remains at 12% as Share Price Stays Below Par Value

Michael Saylor, Executive Chairman of Strategy (MSTR), confirmed that the dividend rate for its STRC perpetual preferred shares will remain at 12.00% through August 2026. The rate has increased from 9% at its July 2025 launch to the current high via a "ratchet" mechanism, which permanently raises the rate by 0.5% whenever the share price falls below $95. This mechanism is intended to push the price back toward its $100 par value and support Strategy's "at-the-market" (ATM) program for issuing new shares to fund Bitcoin purchases. However, the mechanism has not worked as intended. STRC shares closed at $89.46 on July 31, remaining about 10-11% below par value despite the record-high dividend. Competition from rival Strive's higher-yielding SATA securities has pressured demand. The persistent discount has forced Strategy to suspend new STRC issuances via its ATM program, limiting this funding channel for Bitcoin acquisitions. STRC's struggles reflect Bitcoin's own volatility, as the preferred shares historically move in tandem. Analysts have warned the ratchet structure carries long-term, one-way risk. A law firm is investigating Strategy's ability to maintain dividend payments if Bitcoin's price stays low. Retail investors own roughly 83% of outstanding STRC shares, a group seen as prone to panic selling during downturns. In response, Strategy has established financial reserves, including a liquidity cushion covering about 26 months of dividend/interest obligations, and a $2 billion share buyback program alongside a Bitcoin monetization framework, though the company emphasized it is not obligated to sell any Bitcoin.

cryptonews.ruHá 9m

Within Strategy's Framework, STRC's Dividend Yield Remains at 12% as Share Price Stays Below Par Value

cryptonews.ruHá 9m

Analyst: Bitcoin's Price Will Drop to $60k in August, Then Rebound to $70k

Financial analyst Andrey Poroshin has provided a new forecast for Bitcoin's price dynamics in August. Poroshin, an analyst at the Bitbanker exchange, expects the cryptocurrency market to experience a downturn this month, with prices retesting the $60,000 level due to a lack of supportive macroeconomic catalysts. He noted that the recent US Federal Reserve decision to hold interest rates did not significantly impact the market, while inflation remains above the 2% target. Poroshin stated that Bitcoin is ending July under pressure from moderate volatility and a lack of new macroeconomic stimuli, leading to continued market caution. According to his base scenario, Bitcoin will drop to a range of $60,000 to $62,000 before recovering to $70,000. He pointed out that even $70,000 remains below the cost of mining in the US, which has prompted some miners to shift towards AI data center operations. Poroshin cited the winding down of BitMEX's operations as a potential catalyst for a price rebound, suggesting the exit of weaker players often coincides with market reversals and reduced short-term selling pressure. He believes Bitcoin is currently less susceptible to geopolitical shocks, such as the Iran-US conflict, and does not expect significant market changes in August related to the pending CLARITY Act. Looking ahead, Poroshin forecasts that September will bring more active price fluctuations driven by potential Fed rate decisions and possible discussions or approval of the CLARITY Act.

cryptonews.ruHá 10m

Analyst: Bitcoin's Price Will Drop to $60k in August, Then Rebound to $70k

cryptonews.ruHá 10m

Following the Coldcard Hack, One of the Largest Bitcoin Wallet Hacks Recently, a New Wave of Losses Begins! Losses Are Mounting

Following a major hack targeting Coldcard hardware wallets, losses have surged to approximately 1,367 BTC ($88.6 million) across 4,585 addresses. The third wave of attacks stole an additional 207.7 BTC, exhibiting different patterns from the first two. While initial attacks used shared deposit addresses and targeted P2WPKH wallets, the latest wave employed unique recipient addresses per victim and focused on P2WSH addresses. Analysis by Galaxy Research cannot definitively link all three waves to the same attacker, raising the possibility of a second actor exploiting the known vulnerability. The stolen funds, predominantly from wallets holding under 1 BTC, remain unspent. The vulnerable Coldcard firmware was released in March 2021, and all stolen coins originate from after that date.

cryptonews.ruHá 1h

Following the Coldcard Hack, One of the Largest Bitcoin Wallet Hacks Recently, a New Wave of Losses Begins! Losses Are Mounting

cryptonews.ruHá 1h

Trump Media sells another 2,628 BTC, holdings fall to 4,261 BTC

Trump Media & Technology Group has sold an additional 2,628 Bitcoin (worth approximately $165 million), continuing a series of sales over the past seven months. According to blockchain data from Arkham cited by Lookonchain, these latest transfers to Crypto.com bring the company's total reported Bitcoin sales to 7,281 BTC (worth about $545 million), reducing its holdings by 63%. The company's remaining Bitcoin holdings now stand at 4,261 BTC, valued at $269.8 million. Trump Media initially purchased 11,542 BTC at an average price of $118,522 before beginning the sales. This activity occurs amid broader scrutiny of crypto ventures linked to former President Donald Trump, as lawmakers debate the CLARITY Act, which focuses on ethics rules, digital asset ownership, and potential conflicts of interest for public officials.

cointelegraphHá 1h

Trump Media sells another 2,628 BTC, holdings fall to 4,261 BTC

cointelegraphHá 1h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow