Spinny's Financial Recovery and Indian Crypto Exchanges' FEMA Compliance Issues

Monday, 4 November 2024, 05:19

Spinny's financial resilient strategies resulted in a significant reduction in net losses, while Indian crypto exchanges face potential FEMA compliance challenges. Investing in efficient systems is crucial for future success. This article explores key developments in the cryptocurrency and used car markets, highlighting how companies are adapting to navigate current regulations and competition.
Indiatimes
Spinny's Financial Recovery and Indian Crypto Exchanges' FEMA Compliance Issues

Spinny Achieves Significant Loss Reduction

Used car sales startup Spinny managed to narrow its net loss during FY24 to Rs 590 crore from Rs 820 crore the previous year due to rationalisation measures.

Indian Crypto Exchanges and FEMA Risks

While Indian crypto exchanges and high-net-worth individuals leverage offshore platforms for futures trading, they might unintentionally breach regulations under the Foreign Exchange Management Act (FEMA).

Regulatory Compliance Challenges

  • Reports indicate misleading declarations to banks regarding foreign cryptocurrency holdings.
  • Local exchanges believe trades are legitimate due to registration with the Financial Intelligence Unit (FIU).
  • USDT-based futures trades raise concerns due to lack of underlying transactions.

Launch of Railway Super App

Indian Railways is set to launch a super app to streamline ticketing and train tracking by December, integrating with the Indian Railway Catering and Tourism Corporation (IRCTC).


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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