The Directorate of Enforcement (ED) continued its crackdown on crypto entities last week as it moved to freeze assets worth Rs. 367 crore belonging to Flipvolt cryptocurrency exchange, according to a press release by the agency. Flipvolt is the Indian subsidiary of the Singaporean crypto lender— Vauld. A breakdown of the assets provided by the ED stated that its order froze Flipvolt’s bank and payment gateway balances to the tune of Rs. 164.4 crore and crypto assets worth Rs. 203.26 crore, under the Prevention of Money Laundering Act, 2002. Why it matters: The action taken by ED suggests that the agency will continue to intensify its investigation into nebulous practices of crypto businesses in India. It also underscores the need for the Union government to rush deliberations on the proposed law on crypto so as to plug regulatory gaps in…
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