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Partnership with crypto exchange WazirX: Large Indian bank opposes "ban on banks"



Kotak is India's leading private bank and now the first to open up to the crypto community, according to the Economic Times .


The banking giant announced that it has partnered with leading crypto exchange WazirX. With that, traders can now use his banking services to liquidate their funds. The partnership between the two parties is seen as a major breakthrough for the crypto community as banks in India have suspended crypto payments and withdrawals for the past eight months.


"WazirX has opened an account with Kotak that can be used to receive and pay out money to investors who trade on the exchange. The account has yet to be released. Paperwork, identity checks and some tests are currently in progress" , according to a source from the area.


Private banks in India did not want to do business with crypto platforms because the regulation was unclear. They often refer to a circular from the Central Bank of India to explain their refusal, which is no longer valid. 


Cointelegraph approached WazirX and Kotak for comments, but received no response at the time of going to press.


The aforementioned central bank circular dates from 2018 when it instructed banks not to offer any services . The circular was invalidated by the Supreme Court in March 2020 and allowed banks to offer services again . However, the actual behavior of the banks has hardly or not at all changed as a result. 


In this context:  New documents show: India wants crypto regulation and not bans


Rameesh Kailasam, the CEO of the industry lobby IndiaTech.org, explained why banks are refusing to offer services even after the Supreme Court ruling:


"After the RBI had told the banks in May of this year that they could not invoke the 2018 order as it was overturned by the Supreme Court, the banks were free to work with the cryptocurrency ecosystem. Since then, banks have been allowed to use it again the industry as long as they do due diligence on identity checks, AML, CFT, PMLA and FEMA, as well as reviewing their own financial health and risk positions. Banks that take care of all of these are therefore usually free to: to work with the industry. "

The partnership between the leading Indian crypto exchange WazirX and the well-known banking giant Kotak now signals positive crypto regulation that is gradually developing. The Indian government wants to discuss the cryptocurrency law in the current winter session of parliament. Industry insiders suspect that the government wants to regulate digital assets as an asset class, rather than a general ban.

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