As part of regulatory compliance, 28 Virtual Digital Assets (VDA) or crypto service providers have registered with India’s Financial Intelligence Unit (FIU). The registration is in accordance with the mandate from India’s Finance Ministry, which requires crypto businesses to register with the FIU and adhere to processes outlined in the Prevention of Money Laundering Act (PMLA). This legal obligation includes implementing verification procedures like Know Your Customer (KYC). Notably, major exchanges like CoinDCX, WazirX, and CoinSwitch are among the registered entities, and all 28 appear to be domestic rather than offshore companies.