Estonia's Cryptocurrency Regulatory Changes and OKX's Departure from India

Friday, 22 March 2024, 08:27

Estonia strengthens crypto regulations with fines up to €5 million as OKX exits India due to tightened regulatory environment. Financial Supervision Authority to oversee crypto businesses closely from 2026. India's stricter stance on cryptocurrencies leads to OKX advising Indian customers to withdraw funds by April. Estonia's proactive approach aims to enhance digital asset security and eliminate malpractice.

New Cryptocurrency Regulations in Estonia and OKX's Exit from India

Estonia has revamped its crypto regulation framework, setting up stricter oversight and imposing hefty fines. From 2026, crypto businesses will be under the surveillance of the Financial Supervision Authority. This reflects Estonia's serious crackdown on non-compliant firms.

Estonia's Regulations and Impact on Firms

  • Mandate robust systems for crypto firms similar to traditional banks
  • Drastic reduction in the number of crypto entities in Estonia
  • Increase in fines to €5 million with improved operational and reporting standards

OKX's Withdrawal from India

  • OKX's decision to exit India amidst local regulatory hurdles
  • Indian government's integration of crypto into anti-money laundering framework leading to industry challenges
  • Implications of India's stringent tax policies and KYC checks on global crypto exchanges

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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