The cryptocurrency exchanges that are affected are being careful and saying they will follow the rules and try not to disrupt their services too much.
Apple has decided to stop some well-known cryptocurrency apps from being available in its Indian App Store. This decision was made because Indian authorities are putting more rules on these exchanges. They want the exchanges to officially register with financial regulators in India.
India’s Ministry of Finance’s Financial Intelligence Unit sent a notice in late December that affected popular exchanges like Binance, Huobi, Kraken, KuCoin, Bitstamp, Gate. io, MEXC Global, Bittrex, and Bitfinex. These notices said that the exchanges are breaking the law by not registering properly. They have to register and follow all the tax and information-sharing rules. If they don’t listen, their websites might not work in India.
In reply, Apple has banned the apps from these markets, so people in India can’t get them from the App Store anymore. But current users can still use the exchanges on the internet, through the Google Play Store, or with apps they already downloaded.
This ban worries Indian cryptocurrency investors who often used overseas platforms to avoid paying a high 30% tax and extra trading fees in India. As a result, there are less people trading on local stock exchanges because there aren’t many cheap trading choices available.
The Indian government is making it harder for people to use cryptocurrency because they are trying to make strict rules for it. This shows how complicated their feelings are about cryptocurrency. India has also stressed the importance of working together with other countries to make rules for how things are done. Inside the country, laws about cryptocurrency have stopped moving forward. People who use cryptocurrency want fair rules.
The cryptocurrency exchanges that were affected have said they will follow the rules and try not to interrupt their services. Binance said it knows about the ban, but assured its Indian users that its services are still working for now. The exchange showed that they want to work together to fix problems with rules by talking openly.
Failure to follow rules will slow down people using digital money.
Currently, the ban only applies to Apple’s App Store for iPhone and iPad. It does not affect the Google Play Store for Android or using the internet to access the app. However, taking away these apps shows that there are more rules to follow. If the trading platforms don’t follow the rules, other platforms might have to follow these rules too. These bans show that other countries may also start asking for cryptocurrencies to be registered locally as more people start using them.
In general, Apple’s bans are an important part of India’s ongoing work to control cryptocurrencies. However, they should be a starting point for regulators and exchanges to talk and find a balance between new ideas, taxes, keeping investors safe, and other important things.
We can make rules for cryptocurrencies without limiting access or stopping the economic opportunities they bring by talking to each other and being open to communication. If cryptocurrency exchanges don’t follow rules and show their actions, regulators may make stricter rules and people may not use cryptocurrencies as much in India and other places.