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 <p class="is-style-lead">India’s Financial Intelligence Unit has officially registered 28 Virtual Digital Assets and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> service providers.</p>
 <p>The news comes as confirmed by Pankaj Chaudhary, the Minister of State for Finance, in a parliamentary discourse.</p>
 <p>This move also follows the Indian Finance Ministry’s March mandate, requiring <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> businesses to align with the Financial Intelligence Unit, an entity pivotal in combating <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="laundering" href="https://thebittimes.com/tag/laundering.html">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.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> India is looking at regulating or prohibiting unbanked crypto, DeFi, and stablecoins
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    <p lang="en" dir="ltr">A Big development as Crypto in Parliament:<br><br>Question: a request was made to provide the list of reporting entities in India (<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies) dealing in VDA (<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>).<br><br>Answer: The list of reporting entities dealing in VDA is mentioned below pic.twitter.com/Ej2dqjzgJk</p>— Kashif Raza (@simplykashif) December 4, 2023
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 <p>A noteworthy aspect of the ministry’s response is its extension of these guidelines to offshore <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges catering to the Indian market, emphasizing that non-compliance will invite action under the PMLA.</p>
 <p>Despite the registration of prominent exchanges like CoinDCX, WazirX and CoinSwitch, none of the 28 registered entities are offshore companies.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> India explores new features for CBDC amid weak retail activity
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/28-cryptocurrency-firms-in-india-register-with-national-anti-money-laundering-agency-tbt72585.html">https://thebittimes.com/28-cryptocurrency-firms-in-india-register-with-national-anti-money-laundering-agency-tbt72585.html</a></p>

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

TheBitTimes

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