Dear Readers, 

There is an update for the Indian Crypto Exchanges from the Ministry of Finance. 

The Finance Ministry has come up with an announcement today that the VDA (Virtual Digital Assets) that will now be covered under the Prevention of Money Laundering Act (PMLA), 2002. 

This means that the Indian Crypto Exchanges will now need to report any suspicious activities/ transactions to the Finance Intelligent Unit.   

It is widely welcomed by various crypto exchanges in India.

It is seen that the unregulated crypto market is now moving to the framework of the regulated mechanisms. 

This ensures various compliance mechanisms will be in place increased due diligence procedures and the Government will be monitoring closely on the cross border crypto transfers as well. 

India's Central Bank, the Reserve Bank of India (RBI) wants the Crypto Assets to be completely banned in India. The RBI Governor Mr. Sakthi Kantha Das has spoken many times on this. 

It is also hoped that under the G20 Presidential ship by India, there would be some joint monitoring mechanisms that may finalise in the G20 countries.