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India’s Financial Intelligence Unit has officially registered 28 Virtual Digital Assets and crypto service providers. 
The news comes as <a href="https://sansad.in/ls/questions/questions-and-answers" data-type="link" data-id="https://sansad.in/ls/questions/questions-and-answers" target="_blank" rel="noopener">confirmed</a> by Pankaj Chaudhary, the Minister of State for Finance, in a parliamentary discourse. 
This move also follows the Indian Finance Ministry’s <a href="https://crypto.news/indian-government-announces-new-crypto-regulations/" data-type="link" data-id="https://crypto.news/indian-government-announces-new-crypto-regulations/">March mandate</a>, requiring crypto businesses to align with the Financial Intelligence Unit, an entity pivotal in combating <a href="https://crypto.news/tag/money-laundering/" data-type="link" data-id="https://crypto.news/tag/money-laundering/">money laundering</a>. The directive necessitates these businesses to adhere to the Prevention of Money Laundering Act (PMLA), mandating stringent verification processes like Know Your Customer protocols. 
 You might also like: <a href="https://crypto.news/india-is-looking-at-regulating-or-prohibiting-unbanked-crypto-defi-and-stablecoins/"> India is looking at regulating or prohibiting unbanked crypto, DeFi, and stablecoins </a> 
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 A Big development as Crypto in Parliament: Question: a request was made to provide the list of reporting entities in India🇮🇳 (crypto companies) dealing in VDA (crypto). Answer: The list of reporting entities dealing in VDA is mentioned below👇 <a href="https://t.co/Ej2dqjzgJk" target="_blank">pic.twitter.com/Ej2dqjzgJk</a>— Kashif Raza (@simplykashif) <a href="https://twitter.com/simplykashif/status/1731617145753088442?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 4, 2023</a>
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A noteworthy aspect of the ministry’s response is its extension of these guidelines to offshore crypto exchanges catering to the Indian market, emphasizing that non-compliance will invite action under the PMLA. 
Despite the registration of prominent exchanges like <a href="https://crypto.news/tag/coindcx/" data-type="link" data-id="https://crypto.news/tag/coindcx/">CoinDCX</a>, <a href="https://crypto.news/tag/wazirx/" data-type="link" data-id="https://crypto.news/tag/wazirx/">WazirX</a> and <a href="https://crypto.news/tag/coinswitch/" data-type="link" data-id="https://crypto.news/tag/coinswitch/">CoinSwitch</a>, none of the 28 registered entities are offshore companies. 
 Read more: <a href="https://crypto.news/india-explores-new-features-for-cbdc-amid-weak-retail-activity/"> India explores new features for CBDC amid weak retail activity </a>

28 cryptocurrency firms in India register with national anti-money laundering agency

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