The Financial Intelligence Unit India (FIU IND) has issued compliance show cause notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs) for alleged violation of the Prevention of Money Laundering Act 2002 (PMLA). The unit has requested the IT Ministry to block URLs of entities operating illegally without adhering to the provisions of the PML Act in India. The nine offshore VDA service providers include Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXCGlobal, and Bitfinex. This action by the Indian government sparks hopes for domestic crypto players, as many investors now seek compliance with government protocols. Business Today TV's Karishma Asoodani speaks with Sumit Gupta, Co-founder and CEO of Coindcx, on the government's crackdown on offshore crypto exchanges. Sumit also shares the lingering impact of a 30% income tax on virtual digital assets and a 1% TDS, expressing optimism that the upcoming Budget 2024-25 may bring relief to the sector.