- 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.
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 Big development as Crypto in Parliament:
Question: a request was made to provide the list of reporting entities in India🇮🇳 (crypto companies) dealing in VDA (crypto).
Answer: The list of reporting entities dealing in VDA is mentioned below👇 pic.twitter.com/Ej2dqjzgJk
— Kashif Raza (@simplykashif) December 4, 2023
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.