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On Monday, the government announced that WazirX, Coin DCX, and Coin Switch are among the up to 28 virtual digital assets (VDA) service providers who have registered with the Financial Intelligence Unit-India (FIU-IND). According to the finance ministry, organizations engaged in virtual currency agreements, cryptocurrency exchanges, and middlemen would be regarded as "reporting entities" for the purposes of the Prevention of Money Laundering Act (PMLA).
On Monday, the government announced that WazirX, Coin DCX, and Coin Switch are among the up to 28 virtual digital assets (VDA) service providers who have registered with the Financial Intelligence Unit-India (FIU-IND). According to the finance ministry, organizations engaged in virtual currency agreements, cryptocurrency exchanges, and middlemen would be regarded as “reporting entities” for the purposes of the Prevention of Money Laundering Act (PMLA). KYC on behalf of clients and platform users was mandatory for cryptocurrency exchanges and middlemen working with VDAs under the regulations. The state minister of finance, Pankaj Chaudhary, responded to a question about whether these guidelines and reporting requirements applied to offshore cryptocurrency exchanges that serviced the Indian market. He said that they did. In a reply to the Lok Sabha, he stated, “The registration process for the said VDA service providers has begun.” 28 organizations have registered to offer services connected to VDAs, the minister added.
