At present, 28 crypto platforms, including CoinX, Unocoin, Bitbns, Zebpay, WazirX, Coinswitch, CoinswitchX, and Rario, have completed registration procedures with the Financial Intelligence Unit–India, as disclosed by Pankaj Chaudhary, Minister of State for Finance, during the Lok Sabha session. Responding to a query posed by Lok Sabha MP Lavu Sri Krishna Devarayalu regarding the applicability of anti-money laundering guidelines to offshore crypto exchanges serving the Indian market, Chaudhary confirmed that these regulations indeed apply.
Chaudhary also emphasized that non-compliance by offshore platforms would prompt necessary actions under the Prevention of Money Laundering Act (PMLA).
This registration initiative with FIU-India follows the Finance Ministry’s decision in March, categorizing entities engaged with virtual digital assets, crypto exchanges, and intermediaries as “reporting entities” under the PMLA. Consequently, crypto exchanges and intermediaries involved with virtual digital assets were mandated to conduct Know Your Customer (KYC) procedures for their clients and platform users.
Under the PMLA, these reporting entities are obliged to maintain comprehensive KYC details and transaction-related documents concerning their clients and beneficial owners.
