Published by: Mohammad Haris
Latest version: December 04, 2023, 4:49 PM IST
Intermediaries working with crypto exchanges and VDAs are required to KYC their clients and platform users.
The guidelines and reporting requirements apply to offshore crypto exchanges serving the Indian market. The process of registration of the said VDA service providers has been initiated
As many as 28 virtual digital asset (VDA) service providers, including WazirX, CoinDCX and CoinSwitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), the finance ministry said on Monday. The finance ministry had said in March that VDAs, crypto exchanges and intermediary firms would be considered “reporting entities” under the Prevention of Money Laundering Act (PMLA).
Accordingly, intermediaries working with crypto exchanges and VDAs are required to KYC their clients and platform users. Minister of State for Finance Pankaj Choudhary answered in the affirmative when asked if these guidelines and reporting requirements apply to offshore crypto exchanges serving the Indian market.
“Guidelines and reporting requirements applicable to offshore crypto exchanges servicing the Indian market The process of registration for the said VDA service providers has been initiated,” Chowdhury said in the Lok Sabha. Appropriate action will be taken under PMLA in case of non-compliance of offshore platforms, he added. The minister also said that 28 organizations have registered themselves to provide services related to VDA. These include Neblio Technologies Pvt Ltd operating trading platform Coin DCX, Zanmai Labs Pvt ltd (WazirX), Bitcipher Labs LLP (Coinswitch), Nextgendev Solutions Pvt Ltd (CoinswitchX), Awlencan Innovations India Ltd (Zebpay).
Under the Anti-Money Laundering Act, reporting entities are required to maintain records of KYC details or documents that prove the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.
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