Will CEXs be able to function properly if they get an Indian License?

[DegenLite]

We all know the battles and struggle to use a CEX in our daily trading because of the government limitations on cryptocurrency, we've seen big CEXs like Binance exiting the country and leaving us with fewer and fewer options when it comes to major CEXs to trade with. We all use murky was too access our CEXs lol, well two days I saw an article on cointelegraph that claimed an exchange is actively in talks to get a license from the government to properly operate in the country. I assume this license will come with some sort of weird attachment like maybe additional tax on on transactions or heavy limitations

Fair enough that an exchange wants to get a licence to operate properly but I'm not so optimistic cause there will almost definitely be added on conditions we might not like, What's you guys thought on this?

Source: https://cointelegraph.com/news/bitget-fiu-licensing-india

[pakhitheboss]

FIU is mandatory for any international exchange to properly operate in India. Previously 7 exchanges were shadow banned because they were operating in India without FIU. One of the important requirement of FIU is that every exchange needs to have an office in India and a contact person. Apart from following other various obligation by the government of India. It has nothing to do with tax or TDS for now. Maybe sometime later they will start deducting TDS on thier platforms. I have not seen or heard BInance deducting TDS at point of sale for now.

[Bitcoin Smith]

Fair enough that an exchange wants to get a licence to operate properly but I'm not so optimistic cause there will almost definitely be added on conditions we might not like, What's you guys thought on this?

Exchanges may not be facing any difficulties apart from their privacy invasion but we the users are going to be screwed by the FIU because all they do is just to track the tax evaders so over the time people will have no choice other than paying what government wants from us.

In case if you are not aware of it, I already shared this link in the press & News section.

[Phoenixtrader]

FIU is mandatory for any international exchange to properly operate in India. Previously 7 exchanges were shadow banned because they were operating in India without FIU. One of the important requirement of FIU is that every exchange needs to have an office in India and a contact person. Apart from following other various obligation by the government of India. It has nothing to do with tax or TDS for now. Maybe sometime later they will start deducting TDS on thier platforms. I have not seen or heard BInance deducting TDS at point of sale for now.

I think according to the article that's what Bitget is trying to obtain. It's good that these platforms take compliance seriously & are been transparent about it ahah . What's TDS.?

[Parvati_j]

I feel so sad anything I hear things like this, it makes me want to ask if we are the only ones passing through this torment from the government in regards to cryptocurrency. If only they can see the opportunities that cryptocurrency can bring to our economy, they wouldn't keep on making decisions as though they are completely against it. Though scammers on the other hand are a big reasons why most persons deem crypto to be a scam and all that is within it. Trying to impose all these taxes and limitation/restriction would only serve as a public example to chase other developments that has to do with cryptocurrency. Anyway I hope bitget makes all the possible settlement and agreement so they can start functioning fully.