Government imposes anti-money laundering provisions on crypto sector in India: details
India has imposed money laundering provisions on the cryptocurrency sector, which is the latest step by the government to tighten control over digital assets.
The Ministry of Finance said in a notice on Tuesday that anti-money laundering legislation has been applied to cryptocurrency trading, safekeeping and related financial services.
India’s move is in line with the global trend requiring digital asset platforms to “follow anti-money laundering standards similar to those followed by other regulated entities such as banks or stockbrokers,” said Jaideep Reddy, a lawyer at law firm Trilegal.
Last year, India implemented stricter tax rules for the crypto sector, including implementing a tax on trading. These moves, combined with the global trajectory in digital assets, have caused domestic trading volumes to plummet.
The latest anti-money laundering measure is “concerning as implementing the required compliance measures is likely to require time and resources,” Reddy said.
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