India Unveils AML and CFT Rules Applicable to Overseas Exchanges

• The Indian government has tackled the regulation of offshore crypto platforms catering to Indian users.
• The Anti-Money Laundering (AML) and Countering of Financial Terrorism (CFT) guidelines are now enforceable on offshore exchanges serving the Indian market.
• Defaulting entities will face enforcement under the Prevention of Money Laundering Act.

The Indian government, under the Ministry of Finance, has tackled the regulation of overseas crypto exchange platforms and Virtual Digital Assets (VDAs) catering to Indian users. Per a disclosure from the government dated December 4, the Anti-Money Laundering (AML) and Countering of Financial Terrorism (CFT) guidelines are now enforceable on offshore exchanges serving the Indian market.

Notably, the document stated that the steps to registration for implied entities are now live. Interestingly, at least 28 virtual asset providers serving Indians have been reported to have registered with the Financial Intelligence Unit-India (FIU-IND). The entities include crypto exchanges and wallet providers such as Coin DCX, WazirX, Unocoin, Zebpay, Coinswitch, Mudrex, …

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