The Indian government has recently disclosed that there are currently 28 crypto service providers registered with the country's Financial Intelligence Unit. Moreover, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements are applicable to offshore cryptocurrency exchanges that cater to the Indian market.
Government Provides Details on Registered Entities
In Lok Sabha, the lower house of India's parliament, the Ministry of Finance addressed several crypto-related inquiries on Monday. In response to a parliament member's question regarding the registered entities under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Guidelines for Reporting Entities providing services related to virtual digital assets, Pankaj Chaudhary, the Minister of State in the Ministry of Finance, presented a list of 28 Virtual Digital Assets Service Providers (VDA SPs) registered with India's Financial Intelligence Unit (FIU).
Among the registered entities are Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.
Applicability of Guidelines and Reporting Requirements to Offshore Exchanges
Additionally, the Ministry of Finance was questioned in Lok Sabha about the applicability of the aforementioned guidelines and reporting requirements to offshore crypto exchanges operating in the Indian market. In response, Minister Pankaj Chaudhary confirmed that these guidelines and reporting requirements do indeed apply. The registration process for the VDA SPs has already commenced, and appropriate action will be taken under the Prevention of Money Laundering Act (PMLA) in cases of non-compliance by offshore platforms.
What Does This Mean for the Crypto Industry?
The revelation of registered crypto trading platforms and the application of guidelines to offshore exchanges by Indian Minister of State Pankaj Chaudhary has significant implications for the crypto industry. It highlights the government's commitment to combating money laundering and terrorist financing in the digital asset space. This move also signifies a step towards regulatory clarity and accountability within the Indian crypto market.
What are your thoughts on the information provided by Indian Minister of State Pankaj Chaudhary regarding registered crypto trading platforms and offshore exchanges? Share your opinions in the comments section below.
CFTC
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
finance.yahoo.com
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By: Kevin Helms
Title: The Indian Government Reveals 28 Registered Crypto Service Providers
Sourced From: news.bitcoin.com/indian-government-reveals-28-crypto-service-providers-are-registered-with-financial-intelligence-unit/
Published Date: Tue, 05 Dec 2023 16:00:34 +0000
