Crypto exchanges brought under PMLA as reporting entities in March 
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Crypto exchanges brought under PMLA as reporting entities in March As many as 28 crypto exchanges or virtual digital asset service providers have registered with the Financial Intelligence Unit–India. These include CoinX, Unocoin, Bitbns, Zebpay, WazirX, Coinswitch, CoinswitchX and Rario.
The information was provided by Pankaj Chaudhary, minister of state for finance to the Lok Sabha on Monday. “Yes, the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market. The process of registration for the said VDA SPs has been initiated,” he said in response to a question by Lok Sabha MP Lavu Sri Krishna Devarayalu on whether the anti-money laundering guidelines and reporting requirements are applicable to Offshore Crypto Exchanges servicing the Indian market.
Appropriate action under PMLA shall be initiated in cases of non-compliance by offshore platforms, he further said.
The registration with FIU-India comes after the Finance Ministry had in March this year included entities dealing in virtual digital assets (VDAs), crypto exchanges and intermediaries as "reporting entity" under the Prevention of money laundering Act (PMLA). Accordingly, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform.
Reporting entities under PMLA have to maintain KYC details and other documents relating to transactions on clients and beneficial owners.
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