Kucoin becomes the first FIU-compliant global crypto exchange in India

[Potato Chips]

Good news for the people in India! Kucoin managed to get an OK from FIU-India.

What a pleasant news to read after all the exchange ban from playstore + appstore and OKX's exit. Hopefully, more will follow soon and India further relaxes their hostility so the industry can prosper.

Some plans tailored to local folks:

Accompanying KuCoin's registration with FIU, KuCoin proposes to undertake the following initiatives to better serve local Indian users.

1.Localized Payment Solutions: Collaborating with local banks and fiat partners to introduce unique and direct on-ramp and off-ramp services tailored for India. Meanwhile, KuCoin is also proposing to launch a partnership enrollment program to welcome more partners onboard and provide easier and more friendly service.
2.Strategic Investment Focus: Promoting investment and support for blockchain projects led by entrepreneurs with an India focus, aiding the sustainable growth of the local crypto ecosystem.
3.Regulatory and Security Alliances: Continuing to support regulatory and Government authorities to promote a secure and regulated industry landscape.
4.Partnerships for Education and Ecosystem: Partnering with educational institutions through KuCoin Campus to foster blockchain understanding and offer access to KuCoin's Web3, technology, and ecosystem resources, thereby nurturing the blockchain industry's development in India.
5.Glo-cal Strategy and Team Localization: Establishing a dedicated, localized team to better understand and serve the specific needs of Indian investors and users. Going "Glo-cal" underscores KuCoin's priority as going global with a localization focus.

[Husires]

I thought that KuCoin and OKX both belonged to the same company or owner, and when OKX was announced to leave the Indian market, I expected KuCoin to follow suit, so obtaining approval from FIU-India seems surprising to me, as I assumed it was something OKX and Binance failed to do.
If Kucoin is approved, does this mean that we may hear the return of more exchanges and their approval, or is the government’s plan to maintain only one or two exchanges?

[BitcoinGirl.Club]

Good news for the people in India! Kucoin managed to get an OK from FIU-India.

What a pleasant news to read after all the exchange ban from playstore + appstore and OKX's exit. Hopefully, more will follow soon and India further relaxes their hostility so the industry can prosper.

What changes it will create? The people who are using crypto they are using some kind of exchanges that they need to do their transactions either letting it to know to the authority or without letting them know.

By the way, does it means kucoin token will have stronger value?

[Potato Chips]

What changes it will create? The people who are using crypto they are using some kind of exchanges that they need to do their transactions either letting it to know to the authority or without letting them know.

Oh there's surely gonna be weighing of options because of the high taxes which AFAIK remains.

But I'd like to make an emphasis about the future. Imo every known global exchange making an exit does not place the country in a good light. I also think, it's only a matter of time until the decent no-mandatory kyc exchanges removes such rule and the only ones with laxer kyc policies are the nearly obscure exchanges. If it were up to me, I'd choose a reputable exchange with mandatory kyc any day. NO KYC exchanges are still pretty limited in terms of liquidity + market products available -- a lot are p2p and instant swaps.

By the way, does it means kucoin token will have stronger value

I suck at price speculations lol. But I do think we need to watch more. IIRC, when coinbase tried to explore the indian market, it was like a whirlwind, they exited shortly -- only took them a year or so?

If Kucoin is approved, does this mean that we may hear the return of more exchanges and their approval, or is the government’s plan to maintain only one or two exchanges?

IDK lol. I'm hoping for the first one tho and maybe a laxer approach from the regulatory bodies.

[dkbit98]

In the same time Kucoin exchange received a new license to operate in India, their founders have been accused in United States for money laundering 
I will never fully understand how this worldwide crypto regulations actually work, but I am sure lot of money is involved.

[buwaytress]

If it were up to me, I'd choose a reputable exchange with mandatory kyc any day. NO KYC exchanges are still pretty limited in terms of liquidity + market products available -- a lot are p2p and instant swaps.

That's the general view, and personally, there are some things I don't mind doing KYC for. I actually picked an exchange and did complete KYC (in advance of any future possible volume once I become a billionaire).

But curious to know why you'd pick an exchange over P2P? I don't use P2P platforms much these days, as my P2P contacts are in my own web of trust, from years ago, but I know the liquidity isn't great these days once the Localbitcoins exodus spread out. Still, the average user hardly puts the liquidity even on Bisq at jeopardy.

Edit: I completely forgot that I came in here to comment on Kucoin winning in India and losing face to CFTC and SEC just days later. That's tough.

[Darker45]

I'm not familiar with how the Indian government works, but does getting an approval from the FIU automatically mean they're already allowed to operate? FIU is particularly focused on intelligence gathering or collection of financial data in relation to money laundering. So, does passing FIU mean having the green light? Or is it just a single step toward being allowed to do business in India? How about the Securities and Exchange Board of India (SEBI), for example, does it not have a say as to the approval?

Anyway, while this is indeed good news for Indian citizens, this is better news for KuCoin. The Indian market, after all, is a juicy prospect for business.