In the South Asian country, which is frequently on the agenda with the news of regulation and taxation, cryptocurrencies finally “anti-money laundering measure” included in the legislation.
As a result of the new regulation, cryptocurrency exchanges, NFT marketplaces and companies providing custody services operating in the country have become responsible for monitoring and reporting suspicious financial activities.
The Ministry of Finance said in a statement that digital asset businesses must be registered with the Financial Intelligence Unit (FIU) and comply with the guidelines. Prior to the regulation, companies operating in the country were not legally required to perform KYC (customer verification).
As a result of the regulation, every crypto company will also have at least one Money Laundering Reporting Officer (MLRO).
Crypto Exchanges Satisfied With Decision
The decision of the Ministry of Finance of India pleased crypto exchange executives. Speaking to the press after the decision CoinDCX founder Sumit Gupta stated that they voluntarily provided the necessary conditions before the regulation was made.
G-20 India, which assumes the term leadership of the community, is making great efforts for the countries of the community to make joint arrangements.
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