Indian Crypto Industry Welcomes Govt Plans to Introduce Anti-Money Laundering Measures

The Indian government has put the crypto sector under Prevention of Money Laundering Act (PMLA). But is it a signal of greater regulation to come?

According to the Ministry of Finance, all Virtual Digital Assets businesses will come under PMLA. This means that the businesses would have to perform and report:

  1. Know your Transactions (KYT)
  2. Transactions monitoring and reporting
  3. Address screening and reporting
  4. Suspicious Activities Reports (SARs)
  5. Suspicious Transactions Report (STRs)

Experts Encouraged by Crypto Regulations

The Indian industry stakeholders have mostly welcomed the government’s decision. Nischal Shetty, the Chief Executive Officer of the WazirX exchange, has called it a “good step towards regulating the crypto industry in India.”

Sumit Gupta, the CEO of CoinDCX exchange, told Moneycontrol, “Slowly but surely, we are moving towards a regulated crypto ecosystem! Entities such as CoinDCX are now required by law to conduct due diligence and enhanced due diligence under the PMLA.”

Gaurav Dahake, CEO of Bitbns exchange, told BeInCrypto that they are studying the implications of the new PMLA requirements. He says, “We already comply with the norms of transaction monitoring, etc. What additional things would be there we need to figure out.”

Crypto influencer Keyur Rohit believes, “This is the dawn of a new era for the crypto industry, and the future looks bright.”

Crypto regulations have become a focal point of India’s presidency of the G20 intergovernmental forum. The Finance Minister, Nirmala Sitharaman, is seeking a globally coordinated effort to regulate the asset class.

Got something to say about crypto regulation in India or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

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