Regulation News

Indian Apex Web3 Body, Crypto Exchanges Push To Restore UPI Access

Indian crypto community sends proposals to the government and the Reserve Bank of India to restore UPI access.
Published by
Indian Apex Web3 Body, Crypto Exchanges Push To Restore UPI Access

India’s apex body for Web3 companies Bharat Web3 Foundation and crypto exchanges have urged the Indian government and the Reserve Bank of India (RBI) to restore UPI access to exchanges.

The Indian government’s stance regarding crypto and Web3 remains vague. While they support blockchain and some Web3 developments, the authorities are primarily against cryptocurrencies that are based on blockchain. The tax burden and lack of payment support have become major challenges for the crypto community in India.

Also Read: Coinbase Looks To Singapore Amid US SEC Woes

Advertisement

Proposals to Restore UPI Access For Crypto Exchanges

The Indian government and the central bank RBI received proposals to restore the access to Unified Payments Interface (UPI) for crypto firms, including crypto exchanges in India. Two proposals have already been submitted.

A third proposal will be submitted by Bharat Web3 Association (BWA), the apex body leading Web3 companies in India. The proposal will seek to convince the government and RBI to restore UPI payments for Web3 companies, crypto firms, and exchanges.

The National Payments Corporation of India (NPCI) stopped UPI access after Coinbase India announced the acceptance of UPI and IMPS services for crypto trading in April 2022. The NPCI was not aware of it and later stopped UPI access for crypto exchanges.

The high taxes, lack of payments support, and a shadow ban on crypto led trading volume on Indian crypto exchanges such as WazirX and CoinDCX to fall over 70% last year.

According to BlackDot’s proposal, the UPI for crypto trading will help regulators and law enforcement to track these transactions. As India added crypto under the Prevention of Money Laundering Act, anti-money laundering rules will make compliant crypto exchanges eligible for UPI access.

Moreover, UPI access for crypto exchange will protect Indian investors from unforeseen events. While India seeks a global common regulating framework for the crypto industry, the government must resolve challenges faced by this burgeoning industry.

Also Read: Single Whale Moves 20 Trillion Shiba Inu (SHIB) and 3.4 Billion Dogecoin (DOGE)

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus

Leading cryptocurrency exchange LBank has signed a historic sponsorship deal with the Argentine Football Association…

September 28, 2025
  • 24/7 Cryptocurrency News

ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers

ASTER dominates decentralized perp trading with $42 billion in daily volume. Meanwhile, Wintermute moved $4.8…

September 28, 2025
  • 24/7 Cryptocurrency News

USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure

Native Markets has staked and locked 200,000 HYPE tokens for three years, making USDH the…

September 28, 2025
  • 24/7 Cryptocurrency News

SEC to Decide on Six Spot XRP ETF Applications in October

The U.S. Securities and Exchange Commission (SEC) is preparing for a key week in October…

September 28, 2025
  • 24/7 Cryptocurrency News

Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL

Ripple has partnered with Ondo Finance to combine traditional finance with blockchain technology. This partnership…

September 27, 2025
  • 24/7 Cryptocurrency News

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

Ethereum’s exchange supply has dropped by more than 52% from their 2016 levels, hitting a…

September 27, 2025