India's crypto businesses are now legally responsible under prevention of money laundering rules, the Ministry of Finance (FinMinIndia) said. By amitoj
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.India has added crypto to anti-money laundering rules, making crypto exchanges, NFT marketplaces and custody service wallet providers legally responsible for monitoring suspicious financial activities for the first time.
The businesses will have to register with the Financial Intelligence Unit and comply with other mandatory processes under the Prevention of Money Laundering Act , theWhile India doesn't have a regulatory body dedicated to crypto, the move hands the FIU a significant role in overseeing crypto in India. Until now, crypto businesses were not legally obligated to perform verification processes like Know Your Customer . This has been written into the law and thus becomes mandatory.
They will also have to report suspicious activities to the FIU voluntarily and must designate a Money Laundering Reporting Officer to ensure compliance with the act.
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