MN Coin

<ul>
 <li>28 Virtual Digital Assets (VDA) or crypto service providers have registered with India’s Financial Intelligence Unit (FIU).</li>
 <li>The registration follows a directive from India’s Finance Ministry in March.</li>
 <li>Crypto businesses are now legally obligated to conduct verification processes.</li>
</ul>
28 Virtual Digital Assets (VDA) or crypto service providers have registered themselves with <a href="https://thenewscrypto.com/?s=crypto" target="_blank" rel="noopener noreferrer nofollow">India’s </a>Financial Intelligence Unit (FIU). The move was <a href="https://sansad.in/ls/questions/questions-and-answers" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> by the Minister of State for Finance, Pankaj Chaudhary, in a written reply to the Parliament’s lower House on Monday.
This move comes in the wake of a directive issued by India’s Finance Ministry in March, which mandated that crypto businesses must register with the FIU, the nation’s anti-money laundering unit, and adhere to various processes outlined in the Prevention of Money Laundering Act (PMLA).
The regulation means that crypto businesses are now legally obliged to conduct verification processes, including Know Your Customer (KYC).
<h2 class="wp-block-heading" id="h-india-s-guidelines-applicable-to-offshore-crypto-exchanges">India’s guidelines applicable to offshore crypto exchanges</h2>
The Finance Ministry’s response also shed light on the fact that the “guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian market.” Furthermore, the ministry asserted that “appropriate action under PMLA” would be initiated against non-compliant offshore platforms.
Prominent Indian cryptocurrency exchanges such as CoinDCX, WazirX, and CoinSwitch have all successfully registered with the FIU, showcasing their commitment to compliance with the new regulations. Notably, none of the 28 entities registered with the FIU appear to be offshore companies.
The registration of these service providers reflects a broader trend of the cryptocurrency industry adapting to more stringent regulatory frameworks globally. The move towards mandatory registration and compliance with anti-money laundering measures signals a maturing industry eager to integrate with traditional financial systems.
India’s regulatory stance on cryptocurrencies has been under scrutiny, with the government taking measured steps to balance innovation with consumer protection and financial security.
The registration of these 28 entities is seen as a positive step towards fostering a secure and regulated crypto environment in the country, providing a framework for the industry’s responsible growth.

India’s Crypto Landscape: 28 Digital Asset Providers Register with FIU

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