This summary text is fully AI-generated and may therefore contain errors or be incomplete.
A total of 28 crypto entities in India have registered with the Financial Intelligence Unit-India (FIU-IND) in compliance with anti-money laundering (AML) regulations. These entities include well-known players like CoinDCX, WazirX, Coinswitch, and ZebPay. The Indian government has classified companies dealing in virtual digital assets (VDAs), crypto exchanges, and related intermediaries as “reporting entities” under the Prevention of Money Laundering Act (PMLA). As a result, these entities are required to perform Know Your Customer (KYC) processes and maintain detailed records of their clients. The regulatory framework also extends to offshore crypto exchanges operating in India, with non-compliance potentially leading to action under the PMLA. However, the Indian government’s decision to impose taxes on crypto transactions has faced criticism and negatively impacted the Indian crypto market. India advocates for coordinated global crypto regulations and emphasizes the need for a unified approach among G20 nations.