New Delhi: The government on Monday declared that as many as 28 virtual digital assets or VDA service providers, including WazirX, Coin DCX and Coin Switch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND).
As per the finance ministry, entities dealing in VDAs, crypto exchanges and intermediaries would be considered ‘reporting entity’ under the Prevention of Money Laundering Act (PMLA).
As per rules, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform. To a question on whether these guidelines and reporting requirements are applicable to Offshore Crypto Exchanges servicing the Indian market, minister of state for finance Pankaj Chaudhary said that the guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market. “The process of registration for the said VDA service providers has been initiated,” he said in a reply to the Lok Sabha.
The minister further said 28 entities have registered themselves for providing services related to VDAs. “Appropriate action under PMLA shall be initiated in cases of non-compliance by offshore platforms. These include Neblio Technologies Pvt Ltd operating trading platform Coin DCX, Zanmai Labs Pvt ltd (WazirX), Bitcipher Labs LLP (Coin Switch), Nextgendev Solutions Pvt Ltd (CoinswitchX), Awlencan Innovations India Ltd (Zebpay),” he added.
