Digital asset exchange platform BuyUcoin announced that it will reimburse entire withdrawal fees for Indian users when they transfer their assets from offshore exchanges/wallets to their BuyUcoin account.
After the latest crackdown by FIU on offshore exchanges, Indian digital asset owners were worried about the safety of their valuable digital assets, and BuyUcoin, which is an FIU-compliant crypto exchange, has made the transfer of digital assets from offshore exchanges a hassle-free and no-cost process.
In a recent development, The Financial Intelligence Unit India (FIU-IND), a unit of the Finance Ministry issued a show cause notice to most of the offshore crypto exchanges for not being compliant with the requisite provisions of the Prevention of Money Laundering Act (PMLA).
FIU asked the Ministry of Information Technology to block their URLs and remove their apps from app stores.
Commenting on the development, Shivam Thakral, CEO of BuyUcoin, said “We are delighted to see that India is taking positive strides towards digital asset regulations and BuyUcoin is proud to contribute to India’s ambitions to become a global hub for Web3 innovation. At BuyUcoin, adherence to compliance measures is a top priority as it is essential for promoting the responsible use of digital assets.
He added “A regulated environment will provide a level-playing field for all the players in the industry and create a strong security layer around India’s thriving digital asset ecosystem with a strong focus on user protection.
As a part of the initiative, BuyUcoin will reimburse the withdrawal fees for users incurred during the transfer of assets from offshore platforms to BuyUcoin. Users will have to submit proof of fees paid during the transfer of assets and after verification, BuyUcoin will reimburse the fees into the BuyUcoin wallets of respective users. In addition to this BuyUcoin will offer 1 per cent bonus on the transfer of digital assets to the BuyUcoin platform, the company added in a statement.
Founded in July 2016, BuyUcoin is a crypto wallet and exchange platform where merchants and consumers can transact with digital assets like Bitcoin, Ethereum, ripple, etc. Headquartered in Delhi-NCR the company has over 1 million customers using its services, the company added.