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.

Source: COINTELEGRAPH