Government brings crypto assets under the purview of PMLA

 ​    Notification No. S.O. 1072(E)., Dated … Continue reading “Government brings crypto assets under the purview of PMLA”
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Notification No. S.O. 1072(E)., Dated 07.03.2023

The Ministry of Finance has notified an amendment in Prevention of Money-Laundering Act, 2002. The amendment aims to expand the scope of the Act to cover a wide range of cryptocurrency or virtual digital assets (VDA) transactions under the purview of PMLA, 2002.lp;pl;

Under the new amendment, activities by a person carrying on designated business or profession under section 2(1)(sa) of the PMLA, 2002, shall also include the following activities –

(a) exchange between virtual digital assets and fiat currencies;

(b) exchange between one or more forms of virtual digital assets;

(c) transfer of virtual digital assets;

(d) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and

(e) participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.

Further, “virtual digital asset” shall have the same meaning assigned to it in clause (47A) of section 2 of the Income-tax Act, 1961.

Click Here To Read The Full Notification

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