India Registers 28 Virtual Digital Assets and Crypto Service Providers
India’s Financial Intelligence Unit has officially registered 28 Virtual Digital Assets and crypto service providers, according to Pankaj Chaudhary, the Minister of State for Finance. This registration follows the Indian Finance Ministry’s mandate in March, which requires crypto businesses to align with the Financial Intelligence Unit and adhere to the Prevention of Money Laundering Act (PMLA).
Guidelines Extended to Offshore Crypto Exchanges
One notable aspect of the ministry’s response is that it extends these guidelines to offshore crypto exchanges serving the Indian market. Non-compliance with the PMLA will result in action being taken. However, among the 28 registered entities, none are offshore companies.
Hot Take: India Takes Steps Towards Crypto Regulation
India’s move to register Virtual Digital Assets and crypto service providers demonstrates its commitment to combating money laundering and ensuring compliance within the industry. By extending guidelines to offshore exchanges, the government aims to regulate the entire crypto ecosystem in India. This development highlights the growing importance of adhering to strict verification processes, such as Know Your Customer protocols, for businesses operating in the crypto space.
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