While there’s nothing new in imposing anti-money laundering (AML) standards on crypto, it is only now that the Indian government has decided to notify all interested parties of the obligation to comply with the national AML law.
On March 7, The Gazette of India published a notification from the Ministry of Finance, subjecting a range of transactions with crypto to the Prevention of Money-Laundering Act (PLMA) 2002 — namely the exchange, transfers, safekeeping and administration of virtual assets. Financial services related to an issuer’s offer and sale of virtual assets also fall under the PMLA.
The notification doesn’t provide many details, but the PML Act obliges financial institutions to maintain a record of all transactions for the last ten years, furnish these records to the officials
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