Indian Government Reveals 28 Crypto Service Providers Are Registered With Financial Intelligence Unit

The Indian authorities has revealed that 28 crypto work providers are presently registered with the country’s Financial Intelligence Unit. Furthermore, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements use to offshore cryptocurrency exchanges servicing the Indian market.

28 Crypto Firms Are Registered Entities

India’s Ministry of Finance answered immoderate crypto-related questions successful Lok Sabha, the little location of India’s parliament, connected Monday.

The concern curate was asked by a parliament subordinate to supply “the details of each the registered entities arsenic per the AML and CFT [Anti-Money Laundering and Countering the Financing of Terrorism] Guidelines for Reporting Entities providing services related to virtual integer assets.”

Pankaj Chaudhary, Minister of State successful the Ministry of Finance, provided parliament with a database of 28 Virtual Digital Assets Service Providers (VDA SPs) registered with India’s Financial Intelligence Unit (FIU). They see Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.

The Indian Ministry of Finance said successful March that entities dealing successful virtual integer assets, including crypto exchanges and intermediaries, are considered ”reporting entities” nether the Prevention of Money Laundering Act (PMLA).

The curate of authorities was besides asked successful Lok Sabha whether the aforementioned “guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian market.” He replied:

Yes, the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian market. The process of registration for the said VDA SPs has been initiated. Appropriate enactment nether PMLA shall beryllium initiated successful cases of non-compliance by offshore platforms.

What bash you deliberation astir the accusation provided by Indian Minister of State Pankaj Chaudhary regarding registered crypto trading platforms and offshore exchanges? Let america cognize successful the comments conception below.