- Kraken is preparing to re-enter the Indian market by securing necessary licenses.
- The company has appointed Vishesh Khurana as an advisor for local operations.
- Khurana is also leading a $250 million India-focused fund at Tribue Capital.
San Francisco-based cryptocurrency exchange Kraken is preparing to re-enter the Indian market. The company is working on obtaining the necessary licenses to resume operations in compliance with local regulations. It has appointed Vishesh Khurana as an advisor to lead its local operations and facilitate engagement with Indian authorities.
Kraken Taps Vishesh Khurana for India Strategy
Vishesh Khurana, co-founder of Shiprocket, advises Kraken as it prepares to re-enter India. He continues to expand his investment portfolio, having joined Silicon Valley-based Tribue Capital to lead its first India-focused alternative investment fund. The fund, valued at $250 million, is part of the firm’s broader $1.6 billion investment portfolio.
Despite his transition to venture capital, Khurana remains an advisor at Shiprocket, a logistics startup valued at $1.2 billion. Shiprocket is preparing for an IPO, while Khurana continues his role as an active angel investor. He has invested in over 50 early-stage startups, including Jimmy’s Cocktail, Arata, and UrbanPiper.
His involvement with Kraken aligns with his broader investment interests in India’s fintech and crypto sectors. The exchange aims to leverage his expertise in business scaling and regulatory navigation. His advisory role will accelerate Kraken’s licensing process and engagement with local authorities.
India’s FIU Cracks Down on Crypto Exchanges
Kraken was among several foreign exchanges banned in India due to non-compliance with anti-money laundering regulations. The country’s Financial Intelligence Unit (FIU) took action against offshore exchanges for failing to meet taxation and compliance requirements. Authorities had previously issued notices for unpaid Goods and Services Tax (GST) amounting to $345 million from seven platforms, including Kraken.
Kraken must comply with the Prevention of Money Laundering Act (PMLA) and other financial laws to resume operations. Several crypto exchanges, including Binance and KuCoin, have already obtained clearance from the FIU to re-enter the market. Kraken plans to follow a similar process to secure approvals and ensure a smooth return.
Indian regulators remain focused on tightening compliance frameworks for digital assets. The government has emphasized that foreign crypto firms must adhere to strict taxation policies. Kraken’s ability to align with these requirements will determine the success of its re-entry into the Indian market.
Coinbase and Kraken Plan India Comeback
Kraken’s plans come as other global exchanges explore ways to re-enter India’s growing crypto market. Coinbase has also initiated discussions with Indian regulators about complying with local laws before resuming operations. The regulatory landscape is evolving, with exchanges adapting to stricter compliance measures.
The Indian government continues to refine its policies on cryptocurrency taxation and reporting. The latest budget proposal includes classifying virtual digital assets as undisclosed income, and increasing tax obligations for crypto holders. These measures follow the existing 30% tax on crypto earnings and anti-money laundering regulations introduced earlier.
Global trends and evolving policies in major markets influence India’s stance on digital assets. Economic Affairs Secretary Ajay Seth acknowledged that India is reassessing its approach to crypto regulation. The government aims to balance innovation and financial security while monitoring international regulatory developments.