In India, the Financial Intelligence Unit (FIU) has registered up to 28 Virtual Digital Assets (VDA) or cryptocurrency service providers.
In a written response to a query on Monday, Indian Minister of State for Finance Pankaj Chaudhary informed the Lower House of Parliament.
The Financial Intelligence Unit (FIU), India’s anti-money laundering unit, and other procedures under the Prevention of Money Laundering Act (PMLA) must be complied with, according to a March directive from the Finance Ministry. This implied that companies dealing in cryptocurrency had a legal duty to carry out verification procedures like Know Your Customer (KYC).
However, major exchanges like CoinDCX, WaxirX, and CoinSwitch have all registered with the FIU; none of the 28 entities appear to be offshore companies. The reply from India’s finance ministry also stated that “appropriate action under PMLA” would be taken against non-compliant offshore platforms and that “the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market.”