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How quickly that situation will be stabilised. So you are left grappling with long Term Uncertainty about whether or not this route through the Red Sea will be viable. Google has pulled many crypto eggs hinges including finance from its Place Store in india over the weekend coming two weeks after the global crypto exchanges were flagged for operating illegally in the South Asian market. Lets cross to mumbai where we can find our business correspondent. What problem does the government have with these exchanges . The governments have with these exchanges . Tue governments major have with these exchanges . Tte governments major concern i. I te have with these exchan Es7 T governments major concern is that these offshore rebel exchanges are not compliant with the anti Money Laundering laws in india and that millions of users in india are using these offshore platforms to evade taxes on crypto currency trading. Late in december the
Government sent out Show Cause notices to nine such Offshore Firms asking them to talk about their registration and compliances and since last week first their websites were blocked and then they were removed from the Apple Store and now the Google Place Store has also remove these apps. Bloomberg quoted Industry Experts saying nearly 4 Billion worth of Crypto Currency assets have been traded on offshore platforms and that could be a bunch of money that is evading taxes on indian Soiland Money that is evading taxes on indian soil and that is the reason. Remember, the Indian Government has been increasing and tightening oversight of virtual digital assets. In 2022 they imposed heavy taxes on trading as well as profits on digital virtual Assets Post which many users moved away from local platforms which asked for more stringent know your Customer Guidelines to Offshore Firms like finance and