India Financial Ministry Registers 28 Cryptocurrency Firms
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India Financial Ministry Registers 28 Cryptocurrency Firms

  • 28 Cryptocurrency Firms In India Register With National Anti-Money Laundering Agency

The news comes as confirmed by Pankaj Chaudhary, the Minister of State for Finance, in a parliamentary discourse.

This move also follows the India Finance Ministry’s March mandate, requiring cryptocurrency firms to align with the Financial Intelligence Unit, an entity pivotal in combating money laundering. 

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The directive necessitates these businesses to adhere to the Prevention of Money Laundering Act (PMLA), mandating stringent verification processes like Know Your Customer protocols.

A noteworthy aspect of the ministry’s response is its extension of these guidelines to offshore crypto exchanges catering to the Indian market, emphasizing that non-compliance will invite action under the PMLA.

Despite the registration of prominent exchanges like CoinDCX, WazirX and CoinSwitch, none of the 28 registered entities are offshore companies.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.