MN Coin

Coin

<ul class="news-points"> 
 <li>The Indian government has tackled the regulation of offshore crypto platforms catering to Indian users.</li> 
 <li>The Anti-Money Laundering (AML) and Countering of Financial Terrorism (CFT) guidelines are now enforceable on offshore exchanges serving the Indian market.</li> 
 <li>Defaulting entities will face enforcement under the Prevention of Money Laundering Act.</li> 
</ul> 
The Indian government, under the Ministry of Finance, has tackled the regulation of overseas <a href="https://coinedition.com/what-is-a-cryptocurrency-exchange-how-does-it-work/">crypto exchange</a> platforms and Virtual Digital Assets (VDAs) catering to Indian users. Per a disclosure from the government dated December 4, the Anti-Money Laundering (AML) and Countering of Financial Terrorism (CFT) guidelines are now enforceable on offshore exchanges serving the Indian market. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/U_ksj67LkWj5YZCbgmcyygsas-F36Q1fj11h_u1bOnt2o0yOAlQUQKjKOQxKp0gDEyrGtvNRFg-ugGQ3BT7BCkctrmT5qI8Abz-8xAnGllPtodUjWJdCk8bFeL3eeZx0iWLS-9Hnmde0MMLlBLFDClA" alt="">
 <figcaption class="wp-element-caption">
 New Document on India’s AML and CFT compliance| FTX <a href="https://www.fxstreet.com/cryptocurrencies/news/crypto-exchanges-serving-indian-residents-to-comply-with-anti-money-laundering-guidelines-indian-parliament-202312041301" target="_blank" rel="nofollow">Street</a>
 </figcaption>
 </figure>
</div> 
Notably, the document stated that the steps to registration for implied entities are now live. Interestingly, at least 28 virtual asset providers serving Indians have been reported to have registered with the Financial Intelligence Unit-India (FIU-IND). The entities include crypto exchanges and wallet providers such as Coin DCX, WazirX, Unocoin, Zebpay, Coinswitch, Mudrex, …
The post <a href="https://coinedition.com/india-unveils-aml-and-cft-rules-applicable-to-overseas-exchanges/">India Unveils AML and CFT Rules Applicable to Overseas Exchanges</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

India Unveils AML and CFT Rules Applicable to Overseas Exchanges

Coin Edition

Other articles published on Dec 5, 2023

Elon Musk’s New Venture: X AI Raises $1 Billion in Funding

Current Status of Cryptocurrencies

ERC-3643: The Ultimate Token Standard for Real-World Assets (RWAs)

WOW EARN Unveils Layer 1 Blockchain, Redefining Efficiency and Global Accessibility

SEI Price Prediction: Will Sei Price Skyrocket by 2028?

Robinhood Crypto Trading Volume Recovers by 75% in November

Join our free newsletter for daily crypto updates!