India imposes money laundering provisions on cryptocurrency sector

India has imposed money laundering provisions on the cryptocurrency sector, the latest step by the government to tighten oversight of digital assets.
 

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.

The move by India aligns with a global trend of requiring digital-asset platforms “to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers,” said Jaideep Reddy, counsel at law firm Trilegal. 

Last year India applied more stringent tax rules on the crypto sector, including applying a levy on