49 Crypto Exchanges Register With FIU in FY 2024–25

India’s crypto compliance landscape saw a notable shift in FY 2024–25, with 49 cryptocurrency exchanges registering with the Financial Intelligence Unit (FIU), according to official disclosures. The move reflects a steady rise in regulatory alignment as authorities intensify oversight of digital asset platforms operating in the country.

Out of the 49 registered entities, 45 are India-based exchanges, while four are offshore platforms offering services to Indian users. During the same financial year, the FIU imposed ₹28 crore in penalties on non-compliant exchanges, underscoring the government’s increasingly strict approach toward enforcement.

• Compliance Momentum Builds, but Gaps Remain</a
• Enforcement Signals Stronger Regulatory Intent
• Competitive Market, Consolidation Ahead?
• India’s Crypto Policy Still Evolving

Compliance Momentum Builds, but Gaps Remain

The registrations form part of India’s broader effort to bring Virtual Digital Asset (VDA) service providers under the Prevention of Money Laundering Act (PMLA) framework. Since March 2023, crypto exchanges servicing Indian users have been required to register with the FIU, implement KYC norms, monitor suspicious transactions, and submit periodic compliance reports.

However, industry participants note that while registrations are rising, a large number of platforms remain outside the compliance perimeter.

49 crypto exchanges are already FIU registered, and 100s more that are not.

The crypto market in India is far more competitive than most people think.

IMO, Healthy competition is good for the ecosystem as it promotes innovation💪 https://t.co/5BAS86eBEh

— Sumit Gupta (CoinDCX) (@smtgpt) January 6, 2026

Enforcement Signals Stronger Regulatory Intent

The ₹28 crore in penalties issued during the year highlights that Indian authorities are no longer relying solely on advisories or warnings. Enforcement actions have increasingly targeted exchanges that failed to meet reporting obligations or continued operations without registering with the FIU.

In recent months, the government has also restricted access to several offshore crypto platforms, blocked URLs, and issued show-cause notices to companies found operating in violation of Indian AML norms. These measures have significantly altered the operating environment for global exchanges targeting Indian users.

Competitive Market, Consolidation Ahead?

The data suggests that India’s crypto exchange market remains crowded and fragmented, with dozens of domestic platforms competing alongside offshore players. While this competition has driven innovation, industry watchers believe the rising cost of compliance could accelerate market consolidation.

Smaller exchanges may struggle to sustain operational and regulatory expenses, while well-capitalised platforms with established compliance teams are likely to strengthen their market position.

India’s Crypto Policy Still Evolving

Despite increased enforcement, India has yet to release a comprehensive crypto regulation framework. Digital assets continue to be taxed heavily, with a 30% capital gains tax and 1% TDS, while the legal classification of cryptocurrencies remains unresolved.

For now, FIU registration serves as the primary compliance gateway for exchanges, effectively acting as a filter between legitimate operators and unregulated platforms.

As enforcement actions intensify and more exchanges opt for registration, the coming year may prove decisive in shaping the long-term structure of India’s crypto market.

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