Government: Government is ready to block 9 global crypto platforms in India
New Delhi: The Government is set to block binance, kukoin And Huobiamong other global Virtual Digital Asset Service Provider For their failure to register under the Prevention of Money Laundering Act (PMLA) in India.
Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are other entities facing similar action.
In March, VDA service providers were brought under the ambit of the anti-money laundering framework and were mandated to register with the Financial Intelligence Unit (FIU) and comply with compliance requirements under the PMLA, related to reporting and record-keeping. Is.
While the FIU has issued compliance show cause notices to nine offshore entities, it has also written to the Ministry of Electronics and IT to block the URLs of organizations that are operating illegally without complying with the provisions of PMLA.
“So far 31 VDA service providers have registered with FIU. However, many offshore entities though serving a large section of Indian users were not being registered and falling under the Anti-Money Laundering and Counter Financing of Terrorism framework,” an official statement said.
Over the past few months the government has tightened regulation around crypto assets to keep an eye on investors and exchanges, and sought to tax profits along with tax deduction at source.
The latest move comes at a time when investigating agencies have found evidence of crypto assets being used to illegally send money out of the country.
Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are other entities facing similar action.
In March, VDA service providers were brought under the ambit of the anti-money laundering framework and were mandated to register with the Financial Intelligence Unit (FIU) and comply with compliance requirements under the PMLA, related to reporting and record-keeping. Is.
While the FIU has issued compliance show cause notices to nine offshore entities, it has also written to the Ministry of Electronics and IT to block the URLs of organizations that are operating illegally without complying with the provisions of PMLA.
“So far 31 VDA service providers have registered with FIU. However, many offshore entities though serving a large section of Indian users were not being registered and falling under the Anti-Money Laundering and Counter Financing of Terrorism framework,” an official statement said.
Over the past few months the government has tightened regulation around crypto assets to keep an eye on investors and exchanges, and sought to tax profits along with tax deduction at source.
The latest move comes at a time when investigating agencies have found evidence of crypto assets being used to illegally send money out of the country.
