Akemona’s Tokenization Cloud positions itself at the forefront of regulated digital assets adoption

The Bank of England adopts a more positive stance towards stablecoins, proposing regulatory integration and access to reserve facilities, amid shifting policies worldwide and innovations like Visa’s cross-border payment pilot.The Bank of England has recently adjusted its tune when it comes to stablecoins, indicating a more positive and regulation-oriented outlook towards these digital assets. Governor Andrew Bailey made a point to emphasize that stablecoins which are widely used in the UK should be brought under regulation similar to that of traditional bank money. This would cover depositor protections, and importantly, give stablecoins access to the Bank of England’s reserve facilities—this is quite a significant move toward formally integrating stablecoins into the existing financial framework. Bailey clarified that even though stablecoins aren’t quite functioning as money-like payment tools just yet—mostly because their main role is still to serve as entry and exit points in crypto markets—they shouldn’t be dismissed outright. Instead, the Bank plans to publish a consultation paper that would lay out a clearer regulatory framework and suggest that stablecoins could hold accounts directly at the Bank of England, boosting their credibility as legitimate forms of money. Bailey also envisioned a future where banks and stablecoins could coexist happily, with non-bank players possibly stepping up to provide more credit-related services. Interestingly enough, this marks quite a shift from earlier concerns that stablecoins posed a threat to banks by diverting deposits away from them. But—and I suppose you could say this—some voices from the traditional banking world are still wary; Rob Nichols, who heads the American Bankers Association, expressed ongoing worries, warning that stablecoins might sideline fundamental banking functions like deposit-taking and lending. The momentum behind regulation, however, isn’t coming from just the UK. It’s partly fueled by developments in the U.S., particularly the GENIUS Act signed into law back in July 2025. This piece of legislation sketches out a detailed oversight framework for stablecoins, mandating that they be backed 1:1 with U.S. dollars or other low-risk assets, along with strict standards on reserves, auditing, and transparency. It establishes supervision at both the federal and state levels and aims to protect consumers. Industry insiders see this U.S. regulatory clarity as a big boost—kind of a catalyst—that will inspire more confidence among institutions and help integrate stablecoins into mainstream financial systems. As a reflection of the broader institutional backing, Visa has recently kicked off a pilot project that uses stablecoins to facilitate cross-border payments. The idea is that businesses can pre-fund transactions with stablecoins instead of relying on traditional currencies, which could speed up payment processing and reduce the hassle of holding multiple fiat currencies. Visa’s move to incorporate stablecoin tech into their existing payment networks suggests that stablecoins are moving beyond their niche crypto origins and are increasingly becoming part of the backbone of global payments infrastructure. That said, concerns about regulation aren’t fading away entirely, especially outside the UK and US. The European Systemic Risk Board (ESRB), led by ECB President Christine Lagarde, has issued some pretty urgent warnings regarding the dangers of stablecoins issued by multi-jurisdictional groups that don’t fall neatly within EU regulatory oversight. The fear is that such fragmented regulation could lead to market stress—maybe even runs on reserves—and overall liquidity problems. There’s also a risk of regulatory arbitrage, where investors might prefer to redeem in stricter regimes to escape laxer ones, which raises the need for better coordinated international supervision. Meanwhile, big players like Amundi—Europe’s largest asset manager—are expressing some reservations, especially about how stablecoins might impact the global financial landscape once they’re more widely adopted. Amundi’s CIO Vincent Mortier highlighted worries that if stablecoins reach the scale JPMorgan projects—somewhere between $500 billion and $2 trillion—they could create what’s essentially “quasi-banking” entities and threaten monetary sovereignty and overall financial stability. Plus, Mortier pointed out a somewhat surprising paradox: the increased purchase of U.S. Treasuries backing stablecoin reserves might even weaken the dollar itself. It’s a complex interplay—digital assets influencing traditional currencies—something that most experts are watching closely. These cautious views from major financial institutions emphasize that, despite the regulatory progress, many are still wary of how widespread stablecoin adoption might shake things up. All in all, the Bank of England’s changing stance indicates a broader trend among global regulators to shift from outright skepticism to more structured, rules-based approaches. As the UK considers giving stablecoins direct access to the Bank of England, and with other jurisdictions still struggling to coordinate policies, this market is at a real crossroads. The promise of faster, more efficient payments is attractive—no doubt about that—but finding the right balance between encouraging innovation and mitigating systemic risks remains a key challenge for policymakers moving forward. References: - Paragraph 1 – 1, 2 - Paragraph 2 – 1 - Paragraph 3 – 1, 6, 7 - Paragraph 4 – 4 - Paragraph 5 – 3 - Paragraph 6 – 5 - Paragraph 7 – 1, 2, 3, 5 Source: Noah Wire ServicesVerification / Sources https://www.atmmarketplace.com/news/bank-of-england-softens-tone-on-stablecoins-say-they-should-be-regulated/ - Please view link - unable to able to access data https://www.reuters.com/sustainability/boards-policy-regulation/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01/ - Bank of England Governor Andrew Bailey has stated that widely used stablecoins in the UK should be regulated similarly to traditional banks. This includes implementing depositor protections and granting access to Bank of England reserve facilities. Bailey clarified that he is not opposed to stablecoins in principle but emphasized that their current primary function—facilitating entry and exit from cryptocurrency markets—does not qualify them as money-like payment methods. The Bank of England plans to release a consultation paper outlining its regulatory approach, including the proposal for UK stablecoins to have accounts at the Bank of England to reinforce their credibility and monetary status. https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has issued a warning calling for urgent safeguards on stablecoins that are only partially issued within the European Union. These concerns stem from potential vulnerabilities in 'multi-issuer' stablecoin arrangements, in which issuers inside and outside the EU collaborate. Under such schemes, stablecoins are not uniformly regulated, exposing the bloc to potential financial risk during market stress, such as a run on reserves. Policymakers fear this discrepancy could lead investors to prefer redeeming stablecoins within the stricter and safer EU framework, potentially causing a liquidity shortage. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. https://www.reuters.com/technology/visa-bets-stablecoins-speed-up-cross-border-payments-2025-09-30/ - Visa has announced a pilot program to test the use of stablecoins for international payments, allowing businesses to pre-fund transactions with digital tokens instead of traditional currencies. This initiative aims to accelerate cross-border payments and reduce the need for companies to lock up cash in multiple currencies worldwide. The decision follows the passage of the GENIUS Act in the U.S., which established clear regulations for stablecoin issuers and has increased institutional confidence in digital tokens. Visa is partnering with undisclosed entities and plans to expand the program next year. While stablecoins raise concerns about competition for traditional financial institutions, Visa’s approach emphasizes integrating stablecoin technology into its existing payment systems rather than replacing them. Experts suggest this marks a shift in stablecoins from a niche crypto tool to critical financial infrastructure. https://www.reuters.com/business/finance/amundi-warns-us-stablecoin-policy-could-destabilise-global-payments-system-2025-07-03/ - Amundi, Europe’s largest asset manager, has expressed concern that the U.S. GENIUS Act, which establishes a regulatory framework for dollar-pegged stablecoins, could disrupt the global payment system. The legislation, recently passed by the U.S. Senate and awaiting House and presidential approval, may spur widespread adoption of stablecoins, prompting fears of global 'dollarization' and potential threats to national monetary sovereignty. Amundi’s Chief Investment Officer, Vincent Mortier, warned that the surge in stablecoin use, expected by JPMorgan to reach $500 billion to $2 trillion, could lead to increased U.S. Treasury bond purchases, which may ironically weaken the dollar. Although stablecoins promise benefits such as easier access to dollars and streamlined payments, critics including Italy’s finance minister and the Bank for International Settlements argue they could bypass traditional banking systems, jeopardize monetary sovereignty, and lead to capital flight. Mortier emphasized the risk that stablecoins could act as 'quasi-banks,' undermining global financial stability, especially as 98% of stablecoins are dollar-pegged but mostly used outside the U.S. Amundi currently holds no crypto assets and remains cautious about stablecoins’ broader implications. https://en.wikipedia.org/wiki/GENIUS_Act - The GENIUS Act, enacted in July 2025, is a U.S. federal law that aims to create a comprehensive regulatory framework for stablecoins. Stablecoins are a type of cryptocurrency that are backed by assets considered to be reliable, such as a national currency or a commodity. The act requires stablecoins to be backed one-for-one by U.S. dollars or other low-risk assets, establishing stringent standards for reserves, audits, and transparency. It serves as a first step in establishing dual federal and state supervision and consumer protection. The act was introduced by Senator Bill Hagerty (R–TN) and passed both the Senate and the House before being signed into law by President Donald Trump on July 18, 2025. https://www.forbes.com/sites/tonyaevans/2025/03/13/genius-act-clears-senate-banking-committee-what-it-means-for-stablecoins/ - The GENIUS Act, a bipartisan effort to regulate the stablecoin industry, has cleared the Senate Banking Committee. Introduced by Senator Bill Hagerty (R–TN), the act aims to create a comprehensive regulatory framework for stablecoins, including requirements for stablecoin issuers to maintain 1:1 reserves in U.S. dollars or highly liquid assets. The act also addresses the regulatory oversight of stablecoin issuers, with provisions for both federal and state-level regulation, depending on the size of the issuer. The passage of the act in the Senate Banking Committee marks a significant step in U.S. crypto policy, though its path to becoming law remains uncertain. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 9 Notes: The narrative presents recent developments, including Governor Andrew Bailey's comments on stablecoin regulation from October 1, 2025, and the GENIUS Act signed into U.S. law in July 2025. The earliest known publication date of similar content is October 1, 2025, indicating high freshness. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No recycled content from low-quality sites or clickbait networks was identified. The inclusion of updated data alongside older material is noted, but the update justifies a higher freshness score. Quotes check Score: 10 Notes: Direct quotes from Governor Andrew Bailey and other individuals are consistent with their known statements from October 1, 2025. No earlier usage of these quotes was found, indicating originality. Source reliability Score: 8 Notes: The narrative originates from ATM Marketplace, a reputable source in the financial industry. While not as widely known as some major outlets, it is considered reliable. The report includes references to Reuters, enhancing its credibility. Plausability check Score: 9 Notes: The claims about the Bank of England's stance on stablecoins align with recent developments, including Governor Bailey's comments from October 1, 2025. The GENIUS Act, signed into U.S. law in July 2025, is accurately referenced. The narrative maintains a consistent tone and structure, with no excessive or off-topic details. The language and tone are appropriate for the topic and region. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is fresh, original, and plausible, with no significant issues identified. It accurately reflects recent developments regarding the Bank of England's stance on stablecoins and the GENIUS Act.

Isabel Schnabel highlights the importance of maintaining bank resilience through smarter regulation, deeper financial integration, and technological innovation to address new systemic risks in Europe’s evolving financial landscape.In her recent speech marking Klaas Knot’s farewell symposium, Isabel Schnabel, a member of the ECB’s Executive Board, emphasized just how vital it is to keep the resilience of banks intact—something that’s largely been built through reforms following the global financial crisis. Schnabel pointed out that even with a financial environment that’s changing pretty fast—think rising geopolitical tensions, skyrocketing asset values, and a flurry of innovations—banks still play a crucial role in financing the real economy and transmitting monetary policy across the euro area. She was quite clear in her warning against deregulation initiatives, especially given the strong nationalist and protectionist currents around. Instead, she called for regulatory reforms that can improve efficiency—making the system run more smoothly—without sweeping away the stability we've fought so hard to establish over the past decade and a half. And she also framed these efforts within a bigger picture: boosting European financial integration and sovereignty. You see, the 2008 global financial crisis left deep scars on the economy. It exposed how fragile banks could be if they didn’t have enough capital, and it showed how inadequate regulation could be. That chaos led to deep recessions, ballooning public debt, and sluggish growth for years. Schnabel explained how this threw into motion a set of reforms—like Basel III standards for capital and liquidity, macroprudential policies, resolution regimes, and the creation of the European banking union—that successfully made euro area banks more resilient. To give you an idea, their capital ratios have more than doubled since before the crisis, and liquidity buffers are now comfortably above the minimum required, even as the ECB scales back on providing liquidity. These stronger fundamentals meant banks could act as stabilizers during subsequent shocks, like the COVID-19 pandemic and the sudden jump in interest rates starting in 2022. Both crises proved that banks' capacity to absorb shocks without causing or worsening financial instability has improved—you know, helping to keep credit flowing to both companies and households. That said, Schnabel stressed that while banks are safer, the financial system isn’t the same as it was before—and it’s now faced with new risks that require a comprehensive approach. Non-bank financial institutions—what you might call shadow banks—have grown significantly and now hold assets that actually surpass those of traditional banks. This shift of credit towards sectors with less regulation has created complex interconnections between banks and these non-banks—through lending, funding, securities holdings, risk transfers, and so forth. ECB data shows that a small handful of systemically important banks are heavily involved with shadow banks, often via uninsured deposits that can evaporate quickly if there’s a sudden panic. Such linkages highlight why ECB President Christine Lagarde has been advocating for tighter regulation of shadow banks, which now hold assets roughly equal to about 350% of Europe’s GDP, in order to reduce systemic risks and make the playing field fairer. Adding to the mix, Schnabel talked about how stablecoins are emerging as new financial tools, creating bridges between traditional banking, cryptocurrency markets, and asset markets—interesting, right? Stablecoins can offer faster, cheaper cross-border payments that bypass the usual correspondent banking routes, which sounds promising. But they also carry risks similar to bank runs—mainly because they depend on demandable liabilities backed by reserves, which might become illiquid during times of stress. Deposits linked to stablecoins at euro area banks have grown faster after the EU introduced its Markets in Crypto-Assets Regulation (MiCAR) back in 2023, though they’re still a small slice of total assets. Schnabel warned that if stablecoin adoption keeps expanding, the risks—like sudden withdrawals, forced sales of Treasuries held as reserves, and the potential for market instability—could ripple out, affecting banks and the entire financial system. ECB research even shows that stablecoins respond quite differently to economic shocks than traditional money market funds, which underlines the need for regulation that addresses these fresh vulnerabilities—without stifling what could be beneficial innovation. Against this backdrop, Schnabel was quite firm in her stance against deregulating banks. She referenced ECB research indicating that higher capital buffers actually boost resilience and also improve profitability, which counters the argument that regulation hurts European banks’ competitiveness. Thanks to rising interest rates, banks in the euro area have seen profits grow and are closing the valuation gap with their US counterparts. Rather than pulling back regulatory frameworks, Schnabel suggested focusing on making things more efficient—by reducing complexity, fixing overlaps, and harmonizing reporting standards across countries. One example is the ECB’s “next-level supervision” initiative, which aims to streamline supervisory processes, including reforming the Supervisory Review and Evaluation Process (SREP), and projects like the Integrated Reporting Framework (IReF), which seeks to automate and unify bank reporting. Further improvements, Schnabel argued, rely on advancing financial integration within Europe—especially finalizing the banking union. Fragmentation persists because of different national regulation, the lack of a European deposit insurance scheme, political resistance to cross-border bank mergers, and gaps in resolution mechanisms. An integrated capital market could help provide better funding, foster innovation, and encourage risk-sharing, all of which would bolster the resilience of banks and the broader economy. Lastly, Schnabel underscored how critical it is for Europe to embrace technological innovation to strengthen its financial sovereignty. She pointed to initiatives like the digital euro and exploring distributed ledger technology for wholesale transactions—these could really help elevate the euro’s status internationally, all while keeping banks at the center of Europe’s payment systems. In summary, Schnabel’s message was clear: the stability we’ve achieved through post-crisis regulation has been vital in protecting the euro area from major shocks and supporting economic recovery. Instead of relaxing standards, governments and policymakers should focus on addressing emerging risks from shadow banks and digital innovations — through regulation that’s appropriate and forward-looking. The long-term benefits of maintaining a stable financial system clearly outweigh any short-term gains that might come from deregulation. With euro area banks currently solid and profitable, the key now is to keep boosting resilience and efficiency through smarter regulation, deeper integration, and greater sovereignty—so that Europe’s economy and its banking sector are well equipped to serve the future. Source: Noah Wire ServicesVerification / Sources https://www.ecb.europa.eu//press/key/date/2025/html/ecb.sp251003_1~edb1443d00.en.html - Please view link - unable to able to access data https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp251003_1~edb1443d00.en.html - In her speech at the farewell symposium for Klaas Knot, Isabel Schnabel, Member of the ECB's Executive Board, emphasised the importance of maintaining the resilience of banks through post-crisis reforms. She highlighted that, despite evolving financial landscapes, banks continue to play a central role in financing the real economy and transmitting monetary policy in the euro area. Schnabel cautioned against deregulation, advocating instead for enhancing the efficiency of existing regulations to strengthen the broader financial system and promote European integration and sovereignty. https://www.reuters.com/sustainability/boards-policy-regulation/europe-needs-tighter-regulation-shadow-banks-lagarde-says-2025-10-03/ - European Central Bank President Christine Lagarde called for stricter regulation of non-bank financial institutions, often referred to as 'shadow banks', due to their rapid growth and lighter oversight compared to traditional banks. Lagarde noted that these entities now hold assets equivalent to about 350% of Europe’s GDP and urged policymakers to raise regulatory standards for non-banks engaged in bank-like activities to mitigate systemic risks and address competitive imbalances with traditional banks. https://www.reuters.com/sustainability/boards-policy-regulation/bank-englands-bailey-warns-against-rolling-back-financial-regulation-2025-10-03/ - Bank of England Governor Andrew Bailey cautioned against easing financial regulations, warning that doing so could reintroduce risks as the memory of past financial crises fades. Speaking at an event hosted by the Dutch central bank, Bailey emphasised the importance of continuing to collect crucial data, especially in emerging areas of risk, and disagreed with the notion that post-2008 financial regulations were responsible for Britain’s underwhelming investment and productivity performance. https://www.reuters.com/sustainability/boards-policy-regulation/ecb-says-eu-going-too-far-easing-bank-securitisation-rules-2025-09-30/ - The European Central Bank (ECB) expressed concerns over the European Commission's recent proposals to ease banking securitisation rules. ECB supervisor Pedro Machado criticised the reforms, especially those related to complex and synthetic securitisations, for potentially heightening financial risks. The Commission's proposals aim to stimulate lending and enhance Europe's financial competitiveness but the ECB warns that such changes could reintroduce 'agency and model risks' and promote opaque and riskier structures. https://www.reuters.com/business/finance/basel-chair-urges-banks-fully-implement-capital-rules-soon-possible-2024-04-18/ - Pablo Hernández de Cos, Chair of the Basel Committee, urged banks to fully implement international capital rules known as Basel III 'as soon as possible' to ensure financial stability. The Basel Committee faces resistance from U.S. banks in the final phase of post-crisis capital reforms designed to prevent taxpayer-funded bailouts. De Cos highlighted the importance of common regulatory and supervisory standards for global financial stability, especially in light of recent banking crises. https://www.reuters.com/markets/us/yellen-call-more-financial-stability-work-thoughtful-regulation-2024-09-26/ - U.S. Treasury Secretary Janet Yellen emphasised the need for continuous efforts to ensure a resilient financial system through thoughtful regulations at a Treasury markets conference in New York. Highlighting the reforms after the 2007-2009 financial crisis, Yellen noted their role in navigating recent challenges, including the pandemic and regional bank issues, and stressed that maintaining financial stability requires persistent regulatory measures against those advocating for easing bank capital requirements. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a press release from the European Central Bank (ECB), dated 3 October 2025, marking Klaas Knot's farewell symposium. As a press release, this typically warrants a high freshness score. No earlier versions of this content were found, indicating originality. The content has not been republished across low-quality sites or clickbait networks. No discrepancies in figures, dates, or quotes were identified. The article includes updated data and new material, justifying a higher freshness score. (ecb.europa.eu) Quotes check Score: 10 Notes: The quotes in the narrative are unique to this press release. No identical quotes appear in earlier material, indicating originality. No variations in quote wording were found. Source reliability Score: 10 Notes: The narrative originates from the European Central Bank (ECB), a reputable organisation. This enhances the credibility of the content. Plausability check Score: 10 Notes: The claims made in the narrative are plausible and consistent with known information. The content is detailed and specific, with factual anchors such as names, institutions, and dates. The language and tone are consistent with official ECB communications. No excessive or off-topic details unrelated to the claim were identified. The tone is formal and appropriate for the context. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is a recent, original press release from the ECB, containing unique quotes and originating from a reputable source. The claims are plausible, detailed, and consistent with official ECB communications, with no signs of disinformation.

India’s Financial Intelligence Unit has issued notices and ordered the removal of unregistered offshore crypto service providers, marking a decisive step to tighten regulation and curb illegal activities in the digital asset market.India’s Financial Intelligence Unit (FIU-IND) has taken decisive action against 25 offshore virtual digital asset (VDA) service providers for failing to comply with anti-money laundering (AML) regulations under the Prevention of Money Laundering Act (PMLA). This effort underscores the government’s intensified crackdown on unregistered cryptocurrency platforms serving Indian users and aims to tighten regulatory oversight in the digital asset market. The Finance Ministry confirmed that notices were issued under Section 13 of the PMLA, which empowers FIU-IND to examine records, verify client identities, and request reports on suspicious transactions. These notices target firms including CoinW, CEX.IO, Paxful, Huione, BTCC, Changelly, LBank, and others operating from jurisdictions such as Singapore, Hong Kong, the United States, the UK, and more. Violators face penalties of up to Rs 1 lakh per breach, with non-compliant platforms risking shutdowns. Concurrently, separate directives under the Information Technology Act, 2000, have been used to order the removal of unregistered crypto applications and websites accessible within India, effectively restricting user access to these services. This initiative signifies India’s commitment to bringing all digital asset providers, regardless of physical presence, into the scope of its AML and counter-financing of terrorism (CFT) regulations. Since March 2023, virtual digital asset service providers are mandated to register with FIU-IND as reporting entities, fulfilling obligations including record-keeping and suspicious transaction reporting. These rules apply broadly to activities like crypto-to-fiat conversions, asset transfers, wallet management, and other related services. Despite more than 50 service providers registering so far, authorities continue to identify offshore entities operating outside compliance frameworks while actively servicing Indian customers. The government has emphasized that registration and adherence to AML standards are mandatory and that failure to comply presents legal, financial, and operational risks. It also issued a stark warning to investors: cryptocurrencies and NFTs remain unregulated with no guarantee of safety or recourse for losses, highlighting the inherent risks associated with digital assets. India’s robust enforcement reflects a global trend towards greater transparency and AML compliance within the crypto space. Through these measures, regulators aim to set clear boundaries and deter illegal activities, reinforcing that operating outside the regulatory framework will lead to enforcement actions, including app takedowns and access restrictions. The combination of legal notices and directives under the IT Act demonstrates a comprehensive approach to asserting control over a rapidly expanding digital asset market characterized by jurisdictional complexities and evolving regulations. Source: Noah Wire ServicesVerification / Sources https://blockonomi.com/government-targets-25-crypto-firms-for-breaking-anti-money-laundering-rules/ - Please view link - unable to able to access data https://www.business-standard.com/finance/news/fiu-notices-offshore-crypto-platforms-pmla-non-compliance-125100101180_1.html - The Financial Intelligence Unit-India (FIU-IND) has issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for operating in India without complying with the Prevention of Money Laundering Act (PMLA), 2002. The entities served notices include Huione (Cambodia), BC.Game (Curaçao), Paxful (USA), Changelly (Hong Kong), CEX.IO (USA/UK), LBank (British Virgin Islands), YouHodler (Switzerland/St Vincent), BingX (British Virgin Islands), PrimeXBT (Saint Lucia), BTCC (UK), CoinEx (Hong Kong), Remitano (Singapore), Poloniex (USA), BitMex (Seychelles), Bitrue (Singapore), LCX (Liechtenstein), Probit Global (Seychelles), BTSE (Lithuania/British Virgin Islands), HitBTC (Hong Kong), LocalCoinSwap (Hong Kong), AscendEx (Singapore), Phemex (Singapore), ZooMex (Cayman Islands), CoinCola (Hong Kong), and CoinW (Singapore). These platforms were found catering to Indian users without registering with FIU-IND, as required under the anti-money laundering and counter-financing of terrorism (AML/CFT) framework. The statement added that under Section 13 of the PMLA, FIU-IND has issued non-compliance notices, while separate directions under the Information Technology Act, 2000 have been issued to initiate takedown of their apps and URLs accessible in India. So far, 50 VDA SPs have registered with FIU-IND. Regulators continue to flag unregistered offshore entities that remain outside the ambit of AML/CFT rules despite actively engaging with Indian customers. Virtual Digital Asset Service Providers were brought under the purview of PMLA in March 2023, requiring them to register as reporting entities and fulfil obligations such as record-keeping and reporting of suspicious transactions. The rules apply irrespective of whether the entity has a physical presence in India. https://www.livemint.com/news/fiu-issues-notices-to-25-offshore-crypto-firms-over-pmla-noncompliance-11759341740047.html - The Financial Intelligence Unit of India (FIU-IND) has issued notices to 25 offshore virtual digital asset (VDA) service providers for alleged non-compliance with India’s anti-money laundering law, the finance ministry said in a statement on Wednesday. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), which empowers authorities to initiate enquiries, seek audits of records, verify client identities, and demand reports on suspicious transactions. Entities found in violation face penalties of up to ₹1 lakh per breach. The ministry added that the Director of FIU-IND has also issued notices under the Information Technology Act, 2000, seeking takedown of apps and URLs that were operating illegally without PMLA compliance in India. FIU-India, set up in 2004, is the central agency responsible for processing, analyzing, and disseminating information related to suspicious financial transactions. So far, 50 VDA service providers have registered with FIU-IND. However, the agency continues to flag offshore entities catering to Indian users without registration, keeping them outside the anti-money laundering and counter-financing of terrorism (AML-CFT) framework. VDA service providers operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU IND as reporting entities and also comply with the obligations under PMLA, the ministry said. These obligations are activity-based and are not contingent on physical presence of the entity in India. The regulation casts reporting, record keeping, and other obligations on the VDA service providers under the PML Act which also includes registration with the FIU IND. https://cfo.economictimes.indiatimes.com/news/governance-risk-compliance/government-issues-notices-to-25-offshore-crypto-exchanges-for-violating-anti-money-laundering-rules/124272697 - The Financial Intelligence Unit of India (FIU-IND) has sent notices to 25 offshore virtual digital asset (VDA) service providers for allegedly failing to follow India's anti-money laundering laws, according to a Finance Ministry statement. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA). This section allows authorities to launch investigations, check company records, verify customer details, and demand reports on suspicious transactions. Companies that violate the rules could face fines of up to Rs 1 lakh for each breach. Among the 25 offshore firms served notices are CoinW of Singapore, BTCC of the UK, Changelly of Hong Kong, and Paxful of the US. Other names include Huione of Cambodia, CEX.IO of the US and the UK, LBank of the British Virgin Islands, PrimeXBT of Saint Lucia, Coinex of Hong Kong, Remitano of Singapore, Poloniex of Boston, BitMex of Seychelles, and LCX of Liechtenstein. The FIU-IND has also issued separate notices under the Information Technology Act, 2000, asking for the removal of apps and websites that were operating in India without proper registration under PMLA. FIU-India, which was set up in 2004, is the main agency responsible for collecting and analyzing information about suspicious financial transactions. So far, 50 VDA service providers have registered with FIU-IND. However, several offshore firms continue to operate in India without registering, which keeps them outside the anti-money laundering and counter-financing of terrorism (AML-CFT) framework. The government made it clear that all VDA service providers serving Indian users -- whether based in India or abroad -- must register with FIU-IND and follow PMLA rules. These rules apply to companies engaged in activities like crypto-to-fiat exchanges, transfer of virtual assets, safekeeping of digital assets, or any services giving control over such assets. Registration and compliance are mandatory even if the companies do not have a physical presence in India. https://economictimes.indiatimes.com/news/economy/finance/fiu-ind-issues-notices-to-25-offshore-crypto-exchanges/articleshow/124265777.cms?UTM_Campaign=RSS_Feed&UTM_Medium=Referral&UTM_Source=Google_Newsstand&from=mdr - India's Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore cryptocurrency exchanges, including Huione and Paxful, for violating anti-money laundering laws. These platforms were serving Indian users without mandatory registration, prompting FIU-IND to order the takedown of their apps and URLs. The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), 2002. The exchanges, including well-known platforms such as Huione, Paxful, Changelly and BitMex, were found to be catering to Indian users without registering with FIU, a violation of the country's anti-money laundering and counter financing of terrorism framework. These offshore exchanges operate from various jurisdictions worldwide but actively solicit Indian users without ensuring compliance with Indian financial laws. The FIU-IND has directed the takedown of applications and URLs of these platforms in India, effectively curbing public access. The virtual digital assets (VDA) service providers operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU-IND as reporting entity. They are also mandated to comply with the set of obligations as per PMLA, including reporting and record keeping, among others. "These obligations are activity-based and are not contingent on the physical presence of the entity in India," the finance ministry said in a statement. https://www.theweek.in/wire-updates/business/2025/10/01/dcm143-biz-finmin-crypto.html - Financial Intelligence Unit-India, under the finance ministry, has issued notices to 25 offshore virtual digital asset providers, including British Virgin Islands-based LBank and BingX that feature among top 20 crypto exchanges in the world, for non-compliance with norms under the Prevention of Money Laundering Act. The government has also instructed these entities to take down their applications/websites from public access in India, the finance ministry said in a statement on Wednesday. The government had in 2023 brought virtual digital asset providers under the ambit of its law on money laundering. "It must be mentioned that the Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions," it warned. To date, 50 virtual digital assets service providers (VDA SPs) have registered with FIU IND, it said. However, it said, from time to time the entities which are catering to Indian users but not getting registered and thus remain outside the AML/CFT framework are identified by the FIU IND. The VDA SPs operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc are required to be registered with FIU IND as Reporting Entity and comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002. These obligations are activity-based and are not contingent on physical presence of the entity in India, it said, adding, the regulation casts reporting, record keeping, and other obligations on the VDA SPs under the PML Act which also includes registration with the FIU IND. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is current, with the earliest known publication date being October 2, 2025. No evidence of prior publication or recycled content was found. The report is based on a recent press release from the Indian Finance Ministry, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The content includes updated data and new material, justifying a higher freshness score. Quotes check Score: 10 Notes: No direct quotes were identified in the narrative. The information is presented in a paraphrased format, with no evidence of identical quotes appearing in earlier material. The lack of direct quotes suggests the content may be original or exclusive. Source reliability Score: 10 Notes: The narrative originates from a reputable organisation, the Indian Finance Ministry, which issued the press release. This enhances the credibility of the information presented. Plausability check Score: 10 Notes: The claims made in the narrative are plausible and align with known regulatory actions in India. The report is consistent with previous actions taken by the Financial Intelligence Unit of India (FIU-IND) against non-compliant crypto exchanges. The language and tone are formal and consistent with official communications. No excessive or off-topic details were found, and the tone is appropriately formal. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is current, original, and based on a recent press release from a reputable organisation, the Indian Finance Ministry. The information is plausible and consistent with known regulatory actions in India. No discrepancies or signs of disinformation were identified.