The Indian authorities have decided to extend the anti-money laundering legislation to the digital currency market.
According to the publication Business Standard, the Ministry of Finance initiated such a step. He, according to the department, will help increase the transparency of crypto transactions and minimize the risks of criminal use of an innovative tool.
Anti-money laundering legislation applies both to the trading of digital currencies and to the operation of bitcoin exchanges and services that provide services for the storage and withdrawal of virtual coins.
The press service of the Ministry of Finance also emphasized that companies must, in accordance with the current regulatory framework, report to the authorities on transfers of funds in digital assets and provide information about retail and corporate clients. If the exchange detects suspicious user activity, then it is obliged to report this to the Indian Financial Intelligence Unit.
The authorities of the country maintain a negative attitude towards the cryptosphere. Back in the summer of last year, the Reserve Bank of India reiterated the need to ban transactions with cryptocurrencies.
The regulator noted that the tightening of the policy forced many citizens to get rid of this tool.
