{"id":22599,"date":"2023-03-17T07:22:09","date_gmt":"2023-03-17T07:22:09","guid":{"rendered":"https:\/\/zebpay.com\/in\/?p=22599"},"modified":"2023-03-17T07:22:10","modified_gmt":"2023-03-17T07:22:10","slug":"crypto-assets-under-prevention-of-money-laundering-act","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/crypto-assets-under-prevention-of-money-laundering-act","title":{"rendered":"Ministry of Finance Brings Crypto Assets Under The Prevention of Money Laundering Act (PMLA)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-assets-under-prevention-of-money-laundering-act\/#How_Did_The_Industry_Respond_To_This_Move\" title=\"How Did The Industry Respond To This Move?\">How Did The Industry Respond To This Move?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-assets-under-prevention-of-money-laundering-act\/#The_Way_Forward_For_Crypto_in_India\" title=\"The Way Forward For Crypto in India\">The Way Forward For Crypto in India<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>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 (\u201cPMLA\u201d). The notification, read with the PMLA requires crypto exchanges to register as reporting entities under the PMLA and undertake the obligations under the PMLA.<\/p>\n\n\n\n<p>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.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Did_The_Industry_Respond_To_This_Move\"><\/span>How Did The Industry Respond To This Move?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The crypto industry has welcomed this move. This move can prevent bad actors from bypassing the law.&nbsp;<\/p>\n\n\n\n<p>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\u2019s first crypto exchanges, we assure all our stakeholders that we stand by any and all efforts made to curb non-compliance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Way_Forward_For_Crypto_in_India\"><\/span>The Way Forward For Crypto in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p>During a time like this, India\u2019s presidency at the G-20 summit where a \u201ctechnology-driven regulatory framework\u201d 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.<\/p>\n\n\n\n<p>You can now trade 100+ crypto tokens on ZebPay. Visit <a href=\"https:\/\/zebpay.com\/in\/blog\" target=\"_blank\" rel=\"noreferrer noopener\">ZebPay blogs<\/a> and stay up to date about the latest crypto news.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color wp-element-button\" href=\"https:\/\/connect.zebpay.com\/account\/UserRegistration?returnUrl=%2FAccount%2FCampaignRegister&amp;_ga=2.146053684.1098371706.1678613497-1461365362.1677751526\" target=\"_blank\" rel=\"noreferrer noopener\">trade now<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 (\u201cPMLA\u201d). 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 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":22598,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[303],"tags":[16],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/22599"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=22599"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/22599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/22598"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=22599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=22599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=22599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}