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Articles for Vda, search results for laundering

Why did FIU IND act against virtual asset providers?
11 months, 3 weeks ago

Why did FIU IND act against virtual asset providers?

The Hindu  

The story so far: On December 28, the Financial Intelligence Unit India issued show-cause notices to 9 offshore virtual digital asset service providers, including Binance, Kucoin, Huobi, Bitfinex and MEXC Global, among others. In March 2023, Virtual Digital Asset Service Providers in India were brought under anti-money laundering/counter financing of terrorism regulations. To put it in perspective, the entities “though …

India Market Financial Regulation Money Laundering Service Ind
28 virtual digital asset service providers register with Centre
1 year ago

28 virtual digital asset service providers register with Centre

Deccan Chronicle  

New Delhi: The government on Monday declared that as many as 28 virtual digital assets or VDA service providers, including WazirX, Coin DCX and Coin Switch, have registered themselves with the Financial Intelligence Unit-India. As per the finance ministry, entities dealing in VDAs, crypto exchanges and intermediaries would be considered ‘reporting entity’ under the Prevention of Money Laundering Act. To …

Vda Crypto Exchanges
Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses
1 year, 8 months ago

Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses

News 18  

Earlier this month, the finance ministry notified that certain activities relating to virtual digital assets, including cryptocurrencies, will be brought under the ambit of the Prevention of Money Laundering Act, 2002. Now, service providers in this space, specifically VDA exchanges and wallet operators, need to conduct due diligence activities, including reporting suspicious transactions/ activities related to the sale or purchase …

India Money Laundering Money Act Laundering Pmla Vda
Government amends KYC to add non-profit organisations, ‘politically exposed persons’
1 year, 9 months ago

Government amends KYC to add non-profit organisations, ‘politically exposed persons’

The Hindu  

The Finance Ministry has amended the Prevention of Money Laundering Rules for widening the scope of Know your Customer norms to include Politically Exposed Persons, non-profit organisations and those dealing in virtual digital assets as reporting entities. Through a notification, the Ministry has made the exchanges and intermediaries dealing in VDA, such as cryptocurrency, reporting entities under the Prevention of …

Ministry Kyc Reporting Entities
Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors
1 year, 9 months ago

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors

Live Mint  

Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under the ambit. Also, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets --- will be covered under the Act. Punit Agarwal, Founder of KoinX said, "The Government …

India Assets Digital Virtual Vda Crypto Industry Virtual Digital Assets