On March 7, 2023, the Indian government announced that cryptocurrencies and digital assets would be brought under the ambit of the Prevention of Money Laundering Act (PMLA). This means that virtual digital asset service providers and businesses must comply with the same reporting standards and know-your-customer norms as banks and payment system operators.

The new rules aim to prevent the misuse of crypto for criminal activities such as money laundering and terrorist financing, and empower the government to investigate financial wrongdoing involving cryptocurrency assets. However, the rules do not prohibit individuals from trading or holding cryptocurrencies in India.

Binancians do not need to worry, as Binance has a track record of working closely with regulators to ensure compliance with local laws and regulations

Binance, a leading cryptocurrency exchange, works with law enforcement organizations around the world to combat money laundering. In a recent interview, the Head of Law Enforcement Training discussed Binance's efforts to prevent financial crimes. You can watch the interview on Binance's South Asia Twitter handle, binancedesi

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