OKX Said Goodbye To India, What Next?
In India, there is an atmosphere of ambiguity because of this, the Indian community is already in pain but now there is another shocking thing that is increased pain for the Indian crypto community which we will talk about in this post. In these lots of pains, there is one news of relief the kucoin exchange is registered under FIU guidelines which is a good thing because Indian exchanges have failed to provide a better service for Indian users I hope that kucoin will provide a great service to Indian users because it is the reputed exchange and users trust a lot on kucoin. Actually, OKX said goodbye to the Indian community and they will not register for the FIU guidelines.
OKX said users should take out their funds from the OKX wallets before 30 April and also if you are an okx user then you have to close your account after you take out your funds. There are nine international exchanges that got notice from the Indian government and okx does not want to register in India which is why it is closing the service in India. The government applied terms regarding terrorism and money laundering on Cryptocurrency in the previous year that year coinswitch and CoinDCX followed those terms and conditions.
A few months ago 9 international exchanges were not following this old guideline and also did not respond to the PMLA Act application which is the reason these extensions have been banned in India. India lacks clear guidelines and strict regulatory guidelines that can help the crypto community and this is the reason all this chaos happening. There is a regulatory framework that has a discussed for the last four years but it seems like the government does not want to regulate the cryptocurrency but wants tax.
When you see other countries then they are working on adopting cryptocurrency and setting flat taxation rules so the industry can grow but it seems like India is behind in this thing. So now it is difficult to get adoption for the crypto community in India because the government is against I hope that in the next election new government will come but that has less chance because most of the Indian people are blindly following to current government 💀 and they are giving votes based on religious sentiments that is why development is difficult here. Also, the media of India is totally garbage and that’s the main culprit.
The good thing is kucoin is here for Indian uses but even if you join Kukoin there you will have to pay 1% TDS and 30% tax this is not excellent news but at least Indian users get relief so something is better than nothing that is why it is good news so what is your opinion regarding this information in the comment section. have a good day
Lucky Ali
○_________________○___________________○
| 👇 | ||
|---|---|---|
 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
Posted Using InLeo Alpha
That must have come as a shocker for those who had hefty investments in OKX. I think the government and the exchanges should find a middle path so that such a drastic measure can be averted.
Thanks for sharing the news here. Have a great day ahead 💞
ouch that hurts. what can you guys use. even i heard binance gone or soon gone
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited..
This post received an extra 17.12% vote for delegating HP / holding IUC tokens.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.