Mudrex records twofold user growth after FIU registration

economictimes.indiatimes.com:

Mudrex, a Y-Combinator-backed crypto platform, has recently announced its registration as a recognized entity with the Financial Intelligence Unit (FIU). Since the announcement of FIU registration, Mudrex has recorded a twofold increase in user growth on its platform.

«Mudrex's platform has experienced a surge in user adoption, attributed to the FIU registration coinciding with a bullish market. Since the announcement of FIU registration in September, we have observed a twofold increase in user growth on our platform», said Edul Patel, CEO & Co-founder of Mudrex.

In a notable development for the Indian crypto space, Mudrex became the third platform to secure FIU registration, following WazirX and CoinDCX. This move aligns with the regulatory changes implemented by the Indian government on March 7, 2023, which brought crypto service providers under the ambit of the Prevention of Money Laundering Act (PMLA), 2002.

Compliance with the FIU is now a requirement for all crypto service providers, including exchanges, custodians, and wallet providers, necessitating adherence to various regulatory norms such as KYC procedures, record-keeping, reporting of suspicious transactions, appointment of a compliance officer, and engagement with regulatory authorities for guidance on compliance matters.

Did you Know?

As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.

FIU is an independent body