India’s Financial Intelligence Unit Registers 28 Crypto Service Providers
The Indian government has revealed that the country’s Financial Intelligence Unit (FIU) currently registers 28 crypto service providers.
Addressing questions in Lok Sabha, the lower house of India’s parliament, the Ministry of Finance clarified that anti-money laundering (AML) guidelines and reporting requirements extend to offshore cryptocurrency exchanges catering to the Indian market. Pankaj Chaudhary, Minister of State in the Ministry of Finance, presented a list of 28 Virtual Digital Assets Service Providers (VDA SPs) registered with the FIU, including well-known platforms such as Coindcx, Unocoin, Wazirx, and Zebpay.
The ministry reiterated that entities dealing with virtual digital assets, including crypto exchanges, are classified as “reporting entities” under the Prevention of Money Laundering Act. Furthermore, the minister affirmed that the guidelines and reporting requirements also apply to offshore crypto exchanges serving the Indian market, and non-compliance may lead to appropriate action under the PMLA.
Clever Robot News Desk 6th December 2023
