India’s Anti-Money Laundering Laws Will Now Apply to Crypto Transactions
The Indian government will apply anti-money laundering provisions to transactions related to cryptocurrencies or virtual tokens, in an effort to tighten its supervision of digital assets.
The finance ministry, on Tuesday (March 7), issued a notification stating that local crypto exchanges and entities dealing with virtual digital assets (VDA) will now be required to conduct know-your-client due diligence on their users. Under the law, every reporting entity must maintain a record of all transactions of more than around $12,200 for a minimum of five years.
Photo courtesy of Art Rachen.
Source: Quartz Africa (link opens in a new window)
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