Indian Finance Minister Pankaj Chaudhary reported this to the Lower House of Parliament in a written report. The registered companies included Indian cryptocurrency trading platforms WazirX, Coin DCX and Coinswitch.
In March, India’s Ministry of Finance ordered cryptocurrency companies to register with the FIU to comply with anti-money laundering laws. The department also obliged industry organizations to carry out the Know Your Customer (KYC) procedure.
Reporting companies are required to maintain KYC data and records of customer identification documents, as well as account data and business correspondence associated with users. The Indian Ministry of Finance’s response also stated that these “guidelines and reporting requirements are applicable even to offshore crypto exchanges serving Indian traders.
In October, Indian authorities began working on creating a global system to track crypto exchange transactions to identify the use of digital assets in criminal activities. Earlier, the Indian Ministry of Home Affairs began developing a tool to track suspicious cryptocurrency transactions (CIAT) on the darknet.
Recently, Indian police arrested 18 people suspected of involvement in the Korvio Coin cryptocurrency scam, where the total losses of affected users amounted to $300 million.
Source: Bits
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