Indian Government Reveals 28 Crypto Service Providers Are Registered With Financial Intelligence Unit
Publikováno: 5.12.2023
The Indian government has revealed that 28 crypto service providers are currently registered with the country’s Financial Intelligence Unit. Furthermore, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements apply to offshore cryptocurrency exchanges servicing the Indian market. 28 Crypto Firms Are Registered Entities India’s Ministry of Finance answered some […]
The Indian government has revealed that 28 crypto service providers are currently registered with the country’s Financial Intelligence Unit. Furthermore, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements apply to offshore cryptocurrency exchanges servicing the Indian market.
28 Crypto Firms Are Registered Entities
India’s Ministry of Finance answered some crypto-related questions in Lok Sabha, the lower house of India’s parliament, on Monday.
The finance minister was asked by a parliament member to provide “the details of all the registered entities as per the AML and CFT [Anti-Money Laundering and Countering the Financing of Terrorism] Guidelines for Reporting Entities providing services related to virtual digital assets.”
Pankaj Chaudhary, Minister of State in the Ministry of Finance, provided parliament with a list of 28 Virtual Digital Assets Service Providers (VDA SPs) registered with India’s Financial Intelligence Unit (FIU). They include Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.
The Indian Ministry of Finance said in March that entities dealing in virtual digital assets, including crypto exchanges and intermediaries, are considered ”reporting entities” under the Prevention of Money Laundering Act (PMLA).
The minister of state was also asked in Lok Sabha whether the aforementioned “guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian market.” He replied:
Yes, the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian market. The process of registration for the said VDA SPs has been initiated. Appropriate action under PMLA shall be initiated in cases of non-compliance by offshore platforms.
What do you think about the information provided by Indian Minister of State Pankaj Chaudhary regarding registered crypto trading platforms and offshore exchanges? Let us know in the comments section below.