Government will keep a close watch on Digital Assets, Money Laundering provision applicable on Cryptocurrency- Watch Video

Anti-Money Laundering Act: It will be difficult to carry out any illegal work through cryptocurrency in the country. The government has implemented anti-money laundering provisions on digital assets such as cryptocurrencies with a view to tighten monitoring of digital assets. According to the statement issued by the government, the Ministry of Finance said that the Anti-Money Laundering Act has been implemented for crypto trading, safe-keeping and related financial services.

Intelligence units will have to report suspicious activity to India. The move is in line with the global trend of requiring digital-asset platforms to adhere to the same anti-money laundering standards as other regulated entities such as banks or stockbrokers.

Curbing Illegal Trade through Digital Currency

In the last few years, it has made a lot of reach globally. Trading in these assets has increased manifold with the launch of cryptocurrency exchanges. However, until last year, India had no clear policy on regulating or taxing such asset classes. But after these provisions, illegal trade through digital currency can be curbed. Till last year, India had no clear policy on regulating or taxing such asset classes. But after these provisions, illegal trade through digital currency can be curbed. Till last year, India had no clear policy on regulating or taxing such asset classes. But after these provisions, illegal trade through digital currency can be curbed.