India’s Ministry of Finance has announced that crypto deals will fall under the purview of the Prevention of Money Laundering Act, 2002 (PMLA). The move means that the exchange of virtual digital assets (VDAs) and fiat currency, the exchange of VDAs with other VDAs, the transfer of VDAs, and the administration of VDAs will all be covered under the money laundering law. Sharat Chandra, co-founder of the India Blockchain Forum, said the move was a “great step” for the crypto industry and would allow those dealing in crypto to follow KYC and anti-money laundering regulations.
India’s government has been leading discussions on crypto regulation among G20 finance ministers and central bank governors, and has called for transnational cooperation on crypto regulation.
