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- India’s money laundering laws will apply to trade in cryptocurrencies, the Finance Ministry said in a notification dated March 7.
- The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said.
- The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will also be covered, the notification added.
- India is yet to finalise laws and regulations surrounding cryptocurrencies even as the Reserve Bank of India has cautioned against their use multiple times. The RBI has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.
- Extending money laundering rules to cryptocurrencies will give the government greater authority in monitoring the transfer of these assets abroad.
- As part of its leadership of the G-20 forum, the government has been pushing for a wider global agreement on dealing with the risks brought on by cryptocurrencies.
SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB
