India is taking a significant step towards regulating the cryptocurrency industry by expanding the Prevention of Money Laundering Act (PMLA) to include digital assets.
The move will require cryptocurrency exchanges in India to conduct due diligence on transactions and report suspicious or high-value transactions to the authorities, as the nation expands the Prevention of Money Laundering Act to digital assets.
Prior to this, Indian crypto exchanges typically provided transaction information when requested by authorities.
The PMLA will now cover exchange between digital assets and fiat currencies, exchange between one or more forms of digital assets, the transfer of digital assets, safekeeping or administration, as well as participation in and provision of financial services related to sale of a virtual digital asset (VDA).
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