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India needs legislation on cryptos

Crypto
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Business Standard Editorial Comment
The notification that most cryptocurrency transactions would be placed under the provisions of the Prevention of Money Laundering Act (PMLA) appears to be the next step in piecemeal regulation by the government, which still seems unsure of what it should do about this class of instruments. Under the PMLA, crypto exchanges would have to verify the identity of all clients and maintain records pertaining to the exchange, transfer, safekeeping, and administration of virtual assets, as well as those related to financial services for the past 10 years. This will complicate bookkeeping for crypto companies, without necessarily providing a firewall against

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First Published: Mar 15 2023 | 10:26 PM IST

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