28 Indian Crypto Providers Register with Anti-Money Laundering Unit

• India's Financial Intelligence Unit Welcomes 28 Crypto Service Providers
• India's Finance Ministry's New Mandate for Crypto Businesses
• Guidelines and Reporting Requirements for Offshore Crypto Exchanges
• Registration of Major Exchanges with the FIU

India's Financial Intelligence Unit Welcomes 28 Crypto Service Providers

Twenty-eight Virtual Digital Assets (VDA) or cryptocurrency service providers have successfully registered with the Financial Intelligence Unit (FIU) of India. This noteworthy development was announced by the Minister of State for Finance, Pankaj Chaudhary, while addressing a question in the Lower House of Parliament.

India's Finance Ministry's New Mandate for Crypto Businesses

In a significant move in March, the Finance Ministry of India decreed that all crypto-oriented businesses are required to register with the FIU. This institution serves as India's primary anti-money laundering unit. The new mandate also includes adherence to various regulatory processes laid down under the Prevention of Money Laundering Act (PMLA). As a result of this requirement, these crypto-based businesses are now required, by law, to conduct verification processes such as Know Your Customer (KYC).

Guidelines and Reporting Requirements for Offshore Crypto Exchanges

The response from India's finance ministry also clarified that the guidelines and reporting provisions extend to offshore crypto exchanges that cater to the Indian Market. The ministry stressed that appropriate action under PMLA would be implemented against any non-compliant offshore platforms.

Registration of Major Exchanges with the FIU

Among the major exchanges that have registered with the FIU are CoinDCX, WazirX, and CoinSwitch. However, none of the 28 entities on the list were identified as offshore companies.

Edited by Jonathan Stoker