Crypto Oversight Strengthens in India as 49 Exchanges Register With FIU

India's Financial Intelligence Unit (FIU) reported that 49 cryptocurrency exchanges registered under the country's anti-money laundering (AML) framework for the 2024-25 fiscal year, marking a significant regulatory step. Of these, 45 are domestic, and four are offshore platforms registered as reporting entities. These Virtual Digital Asset Service Providers (VDA SPs) are now subject to the Prevention of Money Laundering Act (PMLA), requiring them to submit Suspicious Transaction Reports (STRs) and monitor wallet transfers and fundraising activities. The FIU noted that while crypto offers innovation, it poses risks for money laundering and terror financing due to anonymity and rapid settlement. Consequently, the FIU imposed penalties totaling ₹28 crore (approximately $3.1 million) on non-compliant exchanges during the period. Despite the crackdown, major global exchanges like Bybit and Binance have resumed operations after paying fines and completing registration, while Coinbase is also re-engaging with the market.

(Source：BeInCrypto)