March 31, 2023

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India’s crypto industry officially celebrates anti-money laundering measures with BeEncrypto.

© Reuters. India’s crypto industry officially welcomes anti-money laundering measures

BeInCrypto – The Indian government has placed the crypto industry under the Prevention of Money Laundering Act (PMLA). But is this a sign of further regulation to come?

According to the Ministry of Finance, all businesses Virtual digital assets are covered under PMLA. This means companies must act and report on:

  • Know Your Transactions (KYT)
  • Monitoring and reporting of transactions.
  • Direction finding and reporting.
  • Suspicious Activity Reports (SARs).
  • Suspicious Transaction Report (STR).

Experts encouraged by crypto regulations

Indian industry stakeholders have largely welcomed the government’s decision. Nichel Shetty, CEO of WazirX Exchange, called it “a good step to regulate the crypto industry in India”. Sumit Gupta, CEO of CoinDCX exchange, Moneycontrol said:

“Slowly but surely we are moving towards a regulated crypto ecosystem! Companies like CoinDCX are now legally required to conduct due diligence and enhanced due diligence under the PMLA.

Gaurav Tahage is the CEO of Bitbns Exchange, told BeInCrypto that they are examining the implications of the new PMLA requirements. He says: “We already followed the rules to monitor transactions. What are the additional things we need to find out?

Cryptocurrency influencer Kayur Rohit believes so: “This is the beginning of a new era in the cryptocurrency industry, and the future looks bright.”

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A CoinSwitch spokesperson told BeInCrypto: “New rules have been introduced to prevent misuse of cryptocurrencies, Don’t stop money laundering, and regular cryptocurrency exchange KYC verified by users on CoinSwitch App or CoinSwitch PRO platforms.

Crypto regulations have become a focal point for the President of India G20 Intergovernmental Forum. Finance Minister Nirmala Sitharaman seeks a global concerted effort to regulate the asset class.

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