Wanted to know if Is Platinx Exchange legal in India? Before that let’s know what Platinx Exchange is all about. Platinx Exchange is a made-in-India crypto exchange platform that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and many more.
Buying and selling of cryptocurrency is not illegal in India. But, it is currently unregulated which means there is not any central authority that governs the crypto Industry in the country. But the government is started making regulations on crypto. In Union Budget 2022, the government announced that there will be a 30% tax on the transfer of income from any virtual digital assets.
The government has also made KYC mandatory for crypto exchanges that deal in virtual digital assets. This rule comes under the Prevention of money laundering act. Under this act, the intermediaries or the crypto exchanges must maintain a record for evidence of the users of the crypto exchange platform.
These moves show that the government is working on a policy for the regulation of the Crypto Industry. Platinx Exchange is a reliable and trustable organization in the crypto industry complying with all the necessary regulations set by the jurisdiction. And if there is a question coming to mind Is Platinx Exchange legal in India? Yes, It is legal in India and people can use it to start and continue their crypto trading journey. India is one of the largest crypto owners in the world. No law in India prohibits the buying and selling of cryptocurrencies that’s why the Platinx exchange platform is legal in India.