Crypto investors beware..!? New regulation..!

Sowmiya Sriram
Crypto investors beware..!? New regulation..!

In a bid to tighten oversight of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets, the prime minister Modi-led central government has imposed anti-money laundering rules on cryptocurrency or virtual asset assets. In a gazette notification issued by the Union Finance Ministry, the finance ministry said the provisions of the Anti-Money Laundering Act have been applied to crypto trading, cryptocurrency security, and related financial services.
With this, indian crypto exchange organizations will now have to report any suspicious activity to the Financial Intelligence Unit of india (FIU-IND). Crypto exchange organizations will now also have to adhere to anti-money laundering and anti-money laundering rules followed by regulated financial institutions like banks or stockbrokers. The Ministry of Finance has taken this step in line with the global trend to regulate wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital asset platforms. According to the notification issued by the Ministry of Finance, the conversion of paper money into virtual currency, conversion into more than one form of virtual currency, transfer of virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets, and safekeeping or management of virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets all fall under money laundering regulations.
In this situation, CoinSwitch co-founder ashish Singhal on his twitter has recognized the sector by imposing money laundering rules on cryptocurrency or virtual asset assets as the Ministry of Finance tightens its oversight of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets.
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