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India’s Enforcement Department is investigating “several” cryptocurrency cases for money laundering schemes and has so far seized $115.5 million in such crimes, the Finance Ministry said.Turbulent market conditions from.
India’s crime-fighting agency has arrested five individuals for crimes facilitated by cryptocurrencies and has sent a show cause notice to local exchange WazirX and its board of directors over cryptocurrency transactions that have historically amounted to over $338 million. .
of Disclosure The time has come for India to push rules to bring greater scrutiny to the activities of cryptocurrency companies, despite New Delhi’s resistance to enacting a comprehensive law to regulate virtual digital assets. .
The Treasury Department last week Said (PDF) The crypto is governed by anti-money laundering regulations in South Asian markets. Under the new changes, cryptocurrency exchanges, NFT providers and custody wallet operators will be responsible for monitoring suspicious financial activity.
Companies operating in the crypto space must know their customers’ confirmations. The Treasury Department said this week, “Exchanges and wallet providers must implement AML/CFT controls, be licensed or registered and supervised or monitored by national authorities.
G20 presidency India has said it will prioritize developing a framework for global regulation of unbacked cryptoassets, stablecoins and decentralized finance.
Last year, New Delhi took a tough approach to cryptocurrencies by imposing a 30% tax on all profits and a 1% deduction on each crypto transaction. Alongside the market downturn, the country’s move has also significantly depleted the transactions processed domestically by local exchanges Coinswitch Cooper, backed by Sequoia India and Andreessen Horowitz, and Pantera-backed Coin DCX. rice field.
Changpeng “CZ” Zhao, founder and CEO of the world’s largest cryptocurrency exchange Binance, told TechCrunch last year that the company does not see India as “a very crypto-friendly environment.” said no. He said the company is trying to communicate its concerns to local authorities about local taxation, but argued that tax changes usually take a long time.