March 14

India’s Anti-Money Laundering Laws Will Now Apply to Crypto Transactions

By Mimansa Verma

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)

Finance, Technology
cryptocurrency, digital finance