The Finance Ministry announced on Monday that 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX, and Coinswitch, have registered with the Financial Intelligence Unit-India (FIU-IND).
In March, the Finance Ministry stated that firms dealing in VDAs, crypto exchanges, and intermediaries would be designated a "reporting entity" under the Prevention of Money Laundering Act (PMLA).
As a result, crypto exchanges and intermediaries working with VDAs were forced to undertake KYC on their clients and platform users. In response to a question about whether these guidelines and reporting requirements apply to Offshore Crypto Exchanges serving the Indian market, Minister of State for Finance Pankaj Chaudhary said yes.
"The guidelines and reporting requirements apply to offshore cryptocurrency exchanges that serve the Indian market." "The registration process for the said VDA service providers has begun," Chaudhary remarked in the Lok Sabha. In cases of noncompliance by offshore platforms, appropriate measures under the PMLA will be taken, he stressed. The minister also stated that 28 firms have registered to provide VDA-related services.
Neblio Technologies Pvt Ltd, which operates the trading site Coin DCX, Zanmai Labs Pvt Ltd (WazirX), Bitcipher Labs LLP (Coinswitch), Nextgendev Solutions Pvt Ltd (CoinswitchX), and Awlencan Innovations India Ltd (Zebpay) are among them.
According to anti-money laundering legislation, reporting businesses must keep KYC details or records of documentation proving the identities of their clients and beneficial owners, as well as account files and business correspondence connected to their clients.
