India's Ministry of Finance is bringing crypto transactions under the Prevention of Money Laundering Act, 2002 (PMLA). cryptocurrency bitcoin
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 . Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.
Sharat Chandra, co-founder of India Blockchain Forum, told local media that this notification is a great step towards compliance for the crypto industry. He was quoted as saying: Sumit Gupta, co-founder and CEO of Indian crypto exchange Coindcx, commented: “Slowly but surely, we are moving towards a regulated crypto ecosystem.”Finance Ministry’s notification to bring VDA [virtual digital asset] transactions under PMLA is a positive step in recognizing the sector. This will strengthen our collective efforts to prevent VDAs from being misused by bad actors.
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