Which cryptocurrency apps ban in India?
The nine cryptocurrency exchanges served with the notices are Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The FIU cleared that the compliance mandate in the PMLA provisions is activity-based and does not require a physical presence in India.Which cryptocurrency ban in India?
In response to non-compliance by offshore Virtual Digital Assets Service Providers (VDA SPs), the Financial Intelligence Unit India (FIU IND) has initiated regulatory action by issuing Show Cause Notices under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). The ministry released a statement listing nine such entities that have been served with these notices.
The primary regulatory requirement imposed on digital asset service providers, regardless of their geographical location, is the mandatory registration as a ‘Reporting Entity’ with the Financial Intelligence Unit India (FIU IND). This includes entities engaged in activities such as converting digital assets to traditional currencies, transferring digital assets, safeguarding or managing digital assets, and utilizing instruments that grant control over digital assets.
Furthermore, these registered entities are obligated to adhere to a specific set of responsibilities outlined in the Prevention of Money Laundering Act (PMLA) of 2002. This regulatory framework aims to ensure compliance with anti-money laundering measures and enhance the overall integrity of financial systems, both within and outside the borders of India.
