The Indian Government has recently decided against banning or blocking a lot of exchanges as well as the platforms that exist in the Indian market without any registration and in that list, there are a lot of the prominent exchanges as well such as Binance, KuCoin, etc, this decision has taken the Indian market by surprise as the Indian regulators are now looking towards making the Indian market a lot more secure as well as these decisions are shaping up to be what is going to look like in the future for the Indian sector in cryptocurrency.
Indian government has cited reasons for taxi vision has been the primary one for this decision that they have taken and also noted that there is a registration gap between these exchanges providing the services in India with the government and that is the reason why they have been taking this decision about banning these businesses in India and also blocking the access to them so that the Indian consumers can no longer be using them and also shifting to the exchanges which have the registrations done properly.
A few days after the decision was announced there was no such restriction on the websites that the Indian customers faced in accessing them but now recently Apple which is one of the prominent users in the market has access to the App Store for everyone to download applications from there they have decided against completely removing these of your cryptocurrency exchange application from their app store.
Apple has a really big users based in the entire world and we talk about India then it also has a very big strong gold in the country and it has such a huge user base banning and removing all of those applications from its App Store is definitely going to act as a big impact for these businesses and they have now removed all of the application such as Binance, KuCoin, OKX, etc. which were involved in the showcase note is the Indian government sent that for not complying with the country's money laundering laws.
The notice was sent to the respective exchange even before the 2024 year started to be precise it was sent on December 28 to all of those exchanges and it was mentioned that there operating illegally in the country as they have not registered with the government and also are not following the local Tax rules that were set by the government as well as the Finance ministry said the decision has been taken of blocking access to all the URLs of these websites that had services of there's.
Following the same announcement from the side of Indian government the company Apple has decided against removing all of these applications from their App Store but at the moment these applications are still available on the Google Play Store which has having user base that is also very big one on Android platform as they are still having access to these applications but, certainly, they are also going to be removing them sooner or later.
It is going to be a powerful test of how these exchanges are going to be acting so that they can get complaint by the Indian laws and also make their case strong so that they can still operate in the country as India has a very huge potential in terms of cryptocurrency as the user base over here is very big despite the regulatory challenges that people and the businesses have to be facing now and then over here.
Along with that, it will be very interesting to see how the Indian government is going to be acting in this particular situation and dealing with it and what are they are plans as these big businesses are going to look for ways that they can come back into the market and also be active as well because the Indian exchanges right now have taken this opportunity and they have exploded exponentially as the use of base of these platforms of shifted over there and there are reports that these Indian exchanges have got deposits that are immensely huge in the last few weeks after the announcement.
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