India's Financial Intelligence Unit(FIU)'s regulatory actions for the 2024-25 fiscal year have sparked ripples across the industry. According to the latest data, 49 crypto exchanges have completed compliance registration, government agencies have issued fines of 16 million rupees to non-compliant platforms, and 22 high-risk tokens have been forcibly delisted.

The significance behind these measures cannot be underestimated. First, compliant registration has become a mandatory requirement for exchanges—those still on the sidelines now face a dilemma: either voluntarily accept regulation or face penalties. Second, the market landscape is adjusting. Leading exchanges, with stronger compliance capabilities, are gaining a first-mover advantage, while the survival space for small and medium players is significantly compressed.

In the long term, although this regulatory upgrade may impact liquidity and market enthusiasm in the short term, it may not be a bad thing for the industry as a whole. Clearing out low-quality projects and standardizing trading behavior is essentially a process of industry self-purification. However, it should be noted that the standards for token risk assessment are not fully transparent, and there is some flexibility in enforcement. Investors active in the Indian market recently need to stay alert and keep their distance from delisted tokens.

The depth of regulation is also increasing—key areas such as exchanges' cold wallets are now included in the review scope, meaning that platforms' asset management and risk control systems need to meet new standards. Mainstream tokens like DOT, AVAX, and ATOM have not yet been affected, but the entire market is indeed undergoing a shift from leniency to regulation.