Govt brings crypto trading under anti-money laundering provisions

By  India Blooms News Service   Mar 09, 2023

New Delhi: The government has brought the cryptocurrency industry under anti-money laundering regulations as part of its ongoing efforts to strengthen legal control over digital assets.

In a notice on Tuesday, the Finance Ministry said anti-money laundering laws will be applicable to crypto trading, safekeeping, and related financial services.

In the previous year, India implemented stricter tax regulations on the cryptocurrency industry, which included imposing a tax on trading. These measures, along with a worldwide decline in digital asset values, resulted in a sharp drop in domestic trading activity.