Cryptocurrency Q&A
Does India mandate compliance for offshore crypto exchanges under PMLA?
Does India mandate compliance for offshore crypto exchanges under PMLA?
DavidJohnson
Sat Jul 13 2024
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7
answers
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Could you elaborate on whether India enforces compliance regulations for offshore cryptocurrency exchanges under the Prevention of Money Laundering Act (PMLA)? Specifically, are there any legal provisions that require these exchanges to adhere to Indian laws, even if they operate outside the country's jurisdiction? Are there any penalties or sanctions imposed on non-compliant offshore exchanges? Additionally, how does India monitor and enforce these regulations, given the decentralized and global nature of the cryptocurrency market? Understanding the regulatory framework for offshore crypto exchanges in India is crucial for investors and businesses operating in this space.
7 answers
BusanBeautyBloom
Mon Jul 15 2024
The FIU's action reflects the government's intention to regulate and oversee the cryptocurrency market in India.
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Eleonora
Mon Jul 15 2024
The Indian government has taken a stringent stance on offshore cryptocurrency exchanges.
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TaekwondoMasterStrengthHonorGlory
Mon Jul 15 2024
Under the Prevention of Money Laundering Act (PMLA), the government aims to ensure compliance and prevent illicit financial activities.
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CloudlitWonder
Mon Jul 15 2024
Through its Financial Intelligence Unit (FIU), the Indian government has issued show cause notices to nine offshore crypto exchanges.
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Stefano
Mon Jul 15 2024
These notices serve as a warning to the platforms, requiring them to demonstrate compliance with the PMLA.
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