India's cryptocurrency market is attracting more international exchanges, with four additional foreign exchanges expressing interest in operating in the country. This development comes after Binance and Kucoin, two prominent exchanges, were allowed to resume operations in India after previously facing bans. The two exchanges were fined by the financial regulator, with Kucoin paying $41,282 and Binance paying $2 million. Their return is expected to increase the number of certified crypto companies in India from 46 to 48.

The temporary ban on Binance and Kucoin led to a shift in user activity to foreign exchanges, negatively impacting the local crypto market. However, Binance has demonstrated its commitment to compliance by suspending cash payments for crypto trading in India. The Indian government has been actively working to integrate the crypto sector into its financial system, requiring all exchanges to collect Know Your Customer (KYC) data and submit it to the Financial Intelligence Unit (FIU). This regulation applies to all virtual asset service providers (VASPs) in India and aims to establish mechanisms for tracking and regulation under the Prevention of Money Laundering Act (PMLA).

The increasing interest in India's crypto market can be attributed to the country's growing cryptocurrency adoption, particularly among young and tech-savvy Indians. The government's efforts to establish a clear regulatory framework for cryptocurrencies have also contributed to the attractiveness of the market. While there are concerns about the finance minister's stance on cryptocurrencies, the potential for changes in crypto policies may further boost the market's growth.

As the crypto market in India continues to expand, more international exchanges are likely to enter the market. Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are among the exchanges considering operating in India. The entry of these exchanges is expected to increase competition and provide users with more options. The growth of the crypto market in India is also expected to lead to job creation and economic growth, as well as provide a new investment avenue for Indians.

The Indian government's efforts to regulate the crypto sector are part of a broader global trend. The International Monetary Fund-Financial Stability Board (IMF-FSB) has published a synthesis paper providing guidelines for countries to regulate cryptocurrencies. The paper highlights the importance of investor protection, cybersecurity, and anti-money laundering measures. India's regulatory framework for cryptocurrencies is expected to align with these global guidelines, providing a secure and transparent environment for users and exchanges operating in the country.