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Delio Curation

India Imposes Anti-Money Laundering Provisions on Digital Assets


The Finance Ministry of India announced new anti-money laundering provisions for cryptocurrencies and virtual assets, crypto media outlet CoinTelegraph reported on March 8.


The legislation applies to trading, safekeeping, and related financial services. Indian crypto exchanges will now be required to report suspicious activity to the Financial Intelligence Unit India. The move follows a global trend of requiring digital asset platforms to adhere to anti-money laundering standards similar to those followed by banks and stockbrokers.


Previously, India had no clear policy on regulating or taxing cryptocurrency and NFTs. Last month, Finance Minister Nirmala Sitharaman stated that India was discussing the development of a standard operating protocol for regulating crypto assets with G-20 member countries.


In the Budget for 2022-23, the government introduced a 30% tax on income from transactions in digital assets, as well as a 1% TDS on transactions in such asset classes above a certain threshold.



Fee policy for withdrawal of virtual assets

The following fees are charged when withdrawing virtual assets from Delio Bank.

Virtual asset type Transmission fee (Gas fee) Withdrawal fee
Bitcoin (BTC) Charged according to network conditions 2,000 won worth of Bitcoin
Ethereum (ETH) Charged according to network conditions 2,000 won worth of Ethereum
Ripple (XRP) Charged according to network conditions 1 XRP

· There is no fee for transfers within Delio Bank.

· No withdrawal fee is charged for virtual assets other than Bitcoin, Ethereum, and Ripple.

· Please check the transfer fee for virtual assets other than Bitcoin, Ethereum, and Ripple when withdrawing.