Move to Illegal Crypto Transactions from India

In line with the statements it has made, India has taken crypto transactions for money laundering on its radar.

India, which has come to the fore with its crypto money studies, has targeted money laundering activities in the light of the reports it has published. Declaring that it will start new plans by taking into account the laws, India has set its sights on illegal events in the crypto sector.

With the statement published by the Ministry of Finance of India on March 7, the studies on money laundering in cryptocurrencies were targeted. Mentioned with particular emphasis on legislation, this issue was subject to the Anti-Money Laundering Act (PLMA) 2002. With the decision, financial services for issuers’ trading and offering of virtual assets were included in the scope of PLMA.

With this step, India has increased its efforts towards illegal activities in the crypto sector. The Government of India, which publishes its declarations with the support of the law, may increase its measures on the subject.

According to the latest decision, India’s expansion of anti-money laundering laws to cover cryptocurrencies means that international crypto money transfers will also be monitored more closely. Indian Prime Minister Narendra Modi, on the other hand, brought up the issue of establishing global regulations to minimize crypto-related risks at the G-20 summit in the country recently.