Bybit Resumes India Operations After FIU Approval

Cryptocurrency exchange Bybit has resumed full operations in India following approval from the country's Financial Intelligence Unit (FIU). The exchange had previously suspended services in the region due to regulatory uncertainty. The FIU's approval signals a positive step towards the normalization of cryptocurrency trading in India.

The Indian government has been grappling with the regulation of cryptocurrencies for some time. In 2018, the Reserve Bank of India (RBI) issued a circular prohibiting banks from providing services to cryptocurrency exchanges. However, the Supreme Court of India struck down this circular in 2020, paving the way for the resumption of cryptocurrency trading in the country.

Bybit's return to India comes at a time when the global cryptocurrency market is experiencing significant growth. The total market capitalization of cryptocurrencies has surpassed $2 trillion, with Bitcoin and Ethereum leading the way. India, with its large and tech-savvy population, presents a significant opportunity for cryptocurrency exchanges.

The Indian government has been considering the introduction of a new cryptocurrency bill that aims to regulate the sector. The bill, which is expected to be introduced in the upcoming parliamentary session, is likely to provide clarity on the legal status of cryptocurrencies in India. This could further boost the growth of the cryptocurrency market in the country.

The resumption of Bybit's operations in India is a positive development for the cryptocurrency industry in the region. As the market continues to grow, it is expected that more exchanges will follow suit and resume operations in India. This could lead to increased competition and innovation in the Indian cryptocurrency market.