Questions tagged [pmla]

DavidJohnson Sat Jul 13 2024 | 7 answers 1880

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.