By Martin Shwenk Leade
Copyright indiatimes
AgenciesRepresentational
India’s Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore cryptocurrency exchanges for non-compliance under the Prevention of Money Laundering Act (PMLA), 2002.The exchanges, including well-known platforms such as Huione, Paxful, Changelly and BitMex, were found to be catering to Indian users without registering with FIU, a violation of the country’s anti-money laundering and counter financing of terrorism framework.These offshore exchanges operate from various jurisdictions worldwide but actively solicit Indian users without ensuring compliance with Indian financial laws.The FIU-IND has directed the takedown of applications and URLs of these platforms in India, effectively curbing public access.The virtual digital assets (VDA) service providers operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU-IND as reporting entity.Live EventsThey are also mandated to comply with the set of obligations as per PMLA, including reporting and record keeping, among others.”These obligations are activity-based and are not contingent on the physical presence of the entity in India,” the finance ministry said in a statement.Add as a Reliable and Trusted News Source Add Now!
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