Every transaction related to crypto assets will now be subjected to India’s money laundering laws, according to a notification put out by the Indian government on March 7, 2023. The notification specified that the following activities will be covered by The Prevention of Money-Laundering Act, 2002 (PMLA): Exchange between virtual digital assets and fiat currencies; Transfer of virtual digital assets; Exchange between one or more forms of virtual digital assets; Safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; Participation in and provision of financial services related to an issuer’s offer (ICO) and sale of a virtual digital asset (VDA). https://twitter.com/ashish343/status/1633401318420418560 Why it matters: It is a notable move as it offers clarity to crypto entities who will now have to maintain records and conduct due diligence as part of their compliance. It offers authorities a framework which might enable them to procure data related to crypto transactions in a systematic fashion. Moreover, it also brings India’s laws in consonance with money laundering laws around the globe. https://twitter.com/AnujChaudhary25/status/1633397237182259200 What are the implications: It essentially means that all crypto exchanges and businesses will need to monitor and screen transactions, report suspicious activity, and prepare dossiers on suspicious activity. The exchanges will have to share these dossiers with the Financial Intelligence Unit India (FIU-IND), as per The Hindu. A researcher, Shruti Singhi, said that the move presents a rather simplistic solution to a complex problem in a post on LinkedIn. She added the application of these laws would…
- Poland To Investigate OpenAI Regarding Non-Compliance With EU’s Data Protection Regulations September 22, 2023
- Microsoft to launch AI assistant Copilot from September 26 September 22, 2023
- India’s competition regulator proposes new rules for mergers and acquisitions September 22, 2023
- The Authors Guild, George RR Martin, John Grisham, and others files lawsuit against OpenAI for copyright infringement September 22, 2023
- After John Doe, non-users of Meta file class action lawsuit against tech giant September 22, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...