Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

CoinDCX on Friday announced that it had registered itself as the "reporting entity" with the Ministry of Finance's Financial Intelligence Unit (FIU). As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records. If required, they also need to share records of suspicious transactions with the authorities.

"We welcome the government's move to include the VDA industry under the Prevention of Money Laundering Act, 2002 (PMLA). This will pave the road towards increased accountability and implementation of best practices by the VDA industry. As an