The PMLA Act stands for the Prevention of Money Laundering Act, an Indian parliamentary law enacted to combat money laundering and confiscate assets acquired from illicit activities. This legislation empowers authorities to investigate financial crimes and freeze suspicious funds. In the context of digital assets, the PMLA Act extends its reach to cryptocurrency transactions and related entities. Compliance is mandatory for all financial intermediaries operating in India.
Context
The application of the PMLA Act to cryptocurrency in India is a major point of discussion and concern for the local digital asset industry. Regulators are actively clarifying how existing anti-money laundering provisions apply to decentralized finance and virtual asset service providers. News reports closely follow legal interpretations and enforcement actions under the PMLA Act, which significantly shape the operational environment for crypto businesses in India.
India's financial watchdog is blocking 25 offshore crypto exchanges for failing to meet anti-money laundering rules, signaling a global push for compliance.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
