Ministry of Finance Brings Crypto Assets Under The Prevention of Money Laundering Act (PMLA)


On March 7th, 2023 the Ministry of Finance issued a notification to bring transactions relating to Virtual Digital Assets under the Prevention of Money Laundering Act (“PMLA”). The notification, read with the PMLA requires crypto exchanges to register as reporting entities under the PMLA and undertake the obligations under the PMLA.

This move is expected to aid the Ministry and other Government agencies to establish practices and mechanisms to prevent money laundering, terrorist financing and proliferation financing.  

How Did The Industry Respond To This Move?

The crypto industry has welcomed this move. This move can prevent bad actors from bypassing the law. 

ZebPay has been at the forefront of advocating transparency and compliance. We are one of the oldest crypto exchanges in India. We are actively working towards adhering to all regulatory developments. As one of India’s first crypto exchanges, we assure all our stakeholders that we stand by any and all efforts made to curb non-compliance.

The Way Forward For Crypto in India

Over the past few months, we have seen that the crypto market is gaining momentum and recovering from the bear market of 2022. All major crypto tokens have given gains since Jan this year. 

During a time like this, India’s presidency at the G-20 summit where a “technology-driven regulatory framework” will be tabled is going to play a key role in shaping the future of the industry. Crypto-friendly taxation policies will also help the industry flourish.

You can now trade 100+ crypto tokens on ZebPay. Visit ZebPay blogs and stay up to date about the latest crypto news.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

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