India's Financial Intelligence Unit has officially registered 28 virtual digital assets and crypto service providers.
The news comes as confirmed Pankaj Chaudhary, Minister of State for Finance, in a parliamentary speech.
This move also follows that of the Indian Ministry of Finance. March mandatedemanding that crypto companies align with the Financial Intelligence Unit, an entity critical to combating money laundering. The directive requires these companies to comply with the Prevention of Money Laundering Act (PMLA), which requires strict verification processes such as Know Your Customer protocols.
A noteworthy aspect of the ministry's response is the extension of these guidelines to offshore crypto exchanges serving the Indian market, emphasizing that non-compliance will invite action under the PMLA.
Despite the record of notable exchanges such as CoinDCX, WazirX and Coin exchangeNone of the 28 registered entities are offshore companies.
