28 Indian Crypto Service Providers Have Registered With Country’s Anti-Money Laundering Unit

CoinDeskPolicyPublished on 2023-12-03Last updated on 2023-12-04

Abstract

In March, India's Finance Ministry mandated that crypto businesses will have to register with the Financial Intelligence Unit (FIU).

As many as 28 Virtual Digital Assets (VDA) or crypto service providers have registered themselves with India’s Financial Intelligence Unit (FIU).

The Indian Minister of State for Finance Pankaj Chaudhary told the Parliament’s Lower House in a written reply to a question on Monday.

In March, India’s Finance Ministry mandated that crypto businesses will have to register with the Financial Intelligence Unit (FIU), the country's anti-money laundering unit, and comply with other processes under the Prevention of Money Laundering Act (PMLA). This meant crypto businesses became legally obligated to perform verification processes such as Know Your Customer (KYC).

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The reply from India’s finance ministry also revealed that “the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market” and that “appropriate action under PMLA" would be taken against non-compliant offshore platforms.

While major exchanges such as CoinDCX, WaxirX and CoinSwitch have all registered with the FIU, none of the 28 entities appear to be offshore companies.

Read More: India's Crypto Businesses Handed Anti-Money Laundering Obligations for First Time

Edited by Parikshit Mishra.

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