Centre Applies Norms Of "Reporting Entities" Under Prevention Of Money Laundering Act To Cryptocurrency Exchanges

The Ministry of Finance has notified that cryptocurrency exchanges will be “persons carrying on designated businesses or professions” within the meaning of Section 2(1)(sa) of the Prevention of Money Laundering Act. This means that crypto exchanges will come within the definition of "reporting entity" within the meaning of Section 2(wa) of the PMLA. As a consequence, crypto exchanges...