The Indian government has announced that crypto transactions will be subject to the country’s Anti-Money Laundering regulations under the Prevention of Money-Laundering Act (PLMA) 2002. The regulations will affect various types of crypto transactions, including exchanges, transfers, safekeeping, and administration of virtual assets. The PMLA mandates financial institutions to maintain transaction records for the last ten years, provide them to officials upon request, and verify client identities. The notification, which comes amidst global efforts to tighten AML standards for crypto, is expected to complicate the operations of Indian crypto firms.
Source: https://cointelegraph.com
