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<ul> 
 <li>India’s AML-CFT framework now includes Virtual Digital Assets Service Providers under the PML Act, 2002.</li> 
 <li>Nine major offshore crypto exchanges received Show Cause Notices from India’s FIU for non-compliance.</li> 
 <li>Despite regulatory challenges, 31 VDA SPs have registered with FIU IND, indicating a move toward compliance.</li> 
</ul> 
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1991372">India</a> has brought Virtual Digital Assets Service Providers (VDA SPs) under the stringent Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework as of March 2023, according to the provisions of the Prevention of Money Laundering Act (PML) Act, 2002. This move signifies a major shift in the nation’s approach to monitoring and regulating the burgeoning cryptocurrency market.</p> 
<p>As part of this compliance crackdown, the Financial Intelligence Unit India (FIU IND) has issued Show Cause Notices to nine prominent offshore VDA SPs, including well-known names like Binance, KuCoin, Huobi, and Kraken, under Section 13 of the PMLA. These notices are a direct result of these entities operating in India without adhering to the necessary PML Act provisions.</p> 
<p>Further intensifying its regulatory stance, the Director of FIU IND has recommended the Secretary of the Ministry of Electronics and Information Technology block the URLs of these non-compliant entities. This move is aimed at curbing the illegal operation of offshore VDA SPs that, despite catering to a substantial Indian user base, have avoided registration and compliance with India’s AML and CFT framework.</p> 
<p>Despite these regulatory challenges, it’s noteworthy that 31 VDA SPs have already registered with FIU IND, showcasing a growing trend of compliance within the industry. However, Lark Davis, a crypto influencer, voiced criticism over the government’s actions to block access to exchanges like Binance and Kraken, calling it “stupid” and indicative of a misunderstanding of the crypto landscape.</p> 
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   <p lang="en" dir="ltr">The Indian government is trying to block access to crypto exchanges like Binance and Kraken. <br><br>So stupid…</p>— Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1740545018686050315?ref_src=twsrc%5Etfw">December 29, 2023</a>
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<p>The future of crypto exchanges, particularly in the Indian market, is poised for evolution with a positive trajectory. As regulatory frameworks become more defined and exchanges adapt to compliance requirements, the industry is expected to mature, offering safer and more reliable services for users worldwide.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/indias-central-bank-seeks-to-ban-cryptocurrencies-in-india/">India’s Central Bank Seeks to Ban Cryptocurrencies in India</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-and-altcoins-not-banned-in-india-rbi-says/">Bitcoin and Altcoins Not Banned in India, RBI Says</a></li>
 <li><a href="https://cryptonewsland.com/what-lies-behind-geminis-bold-24-million-leap-into-indias-crypto-world/">What Lies Behind Gemini’s Bold $24 Million Leap into India’s Crypto World?</a></li>
 <li><a href="https://cryptonewsland.com/india-works-towards-revolutionizing-digital-signing-with-blockchain-focus/">India Works Towards Revolutionizing Digital Signing With Blockchain Focus</a></li>
 <li><a href="https://cryptonewsland.com/india-ranks-second-globally-in-crypto-transaction-volume/">India Ranks Second Globally in Crypto Transaction Volume</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/india-tightens-grip-on-crypto-crypto-exchanges-under-aml-cft-scrutiny/">India Tightens Grip on Crypto: Crypto Exchanges Under AML-CFT Scrutiny</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

India Tightens Grip on Crypto: Crypto Exchanges Under AML-CFT Scrutiny

Crypto News Land

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