Regulatory action ushers domestic crypto revival

Cryptocurrency exchanges in India are having a field day for the past few weeks with volumes surging multi-fold ever since the authorities started blocking offshore exchanges.

The Finance Ministry’s Financial Intelligence Unit initiated regulatory action against offshore exchanges on December 28. While CoinDCX has reported a 2,000% surge in transaction volume since then, CoinSwitch said trade volumes increased by 30–35 per cent in the week post-December 28.

WazirX said its deposits zoomed 250 per cent in the four days after the compliance action was initiated, while Mudrex noted an addition of 30,000 customer registrations.