AML Laws to Be Implemented to Crypto in India

The Indian Ministry of Finance has decided to extend anti-money laundering legislation to the digital currency market.

The Ministry of Finance has initiated the step in order to increase the transparency of crypto transactions and reduce the risks of criminal use of digital currencies.

Anti-money laundering laws apply to both the trading of digital currencies and to the operation of bitcoin exchanges and services providing services for the storage and withdrawal of virtual coins.

The Ministry of Finance has also noted that companies must report to the authorities on transfers of funds in digital assets and provide information about their retail and corporate clients.

If the exchange detects any suspicious user activity, it is required to report it to the Indian Financial Intelligence Unit.