India Implements AML Laws to Cryptocurrencies
The Indian Ministry of Finance has extended anti-money laundering legislation to the digital currency market.
This will help promote the transparency of crypto transactions and reduce the risk of criminal use of the asset.
Companies must report transfers of funds in digital assets and provide information about their clients to the authorities. Moreover, exchanges are obligated to notify the Indian Financial Intelligence Unit of any suspicious user activity.
The Reserve Bank of India has already expressed its negative attitude towards cryptocurrencies, urging citizens to get rid of them.