Within the newest determination by the central authorities concerning digital property, cryptos or digital asset enterprise will now come below the ambit of PMLA i.e., Prevention of Cash Laundering Act 2002.
The gazette notification issued on 7 March by the Union Finance Ministry, states that VDAs or digital digital property will now be thought of ‘reporting entity’ below the PMLA. Additionally, cryptocurrency exchanges and intermediaries which deal in VDAs are mandated to carry out KYC of their shoppers and customers. Moreover, crypto exchanges are required to report any suspicious transactions to FIU-IND, i.e., the Monetary Intelligence Unit of India.
#crypto #moneylaundering #cryptoregulations #businesstodaytv
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