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To tighten oversight of digital assets, the PM Narendra Modi-led Central Government has brought cryptocurrency companies...
Digital Desk: To tighten oversight of digital assets, the PM Narendra Modi-led Central Government has brought cryptocurrency companies under the ambit of money laundering provisions.
According to a gazette notice issued by the Ministry of Finance on Tuesday, all crypto businesses, including exchanges, custodians, wallet providers, etc., will come under the Prevention of Money Laundering Act, 2002 (PMLA).
"In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (I) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to the as the Act), the Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub-sub-clause, namely:- (i)exchange between virtual digital assets and fiat currencies; (ii) exchange between one or more forms of virtual digital assets; (iii) transfer of virtual digital assets; (iv) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and (v) participation in and provision of financial services related to an issuer's offer and sale of a virtual digital asset," read the Gazette notification.
"Explanation:- For the purposes of this notification, "virtual digital asset" shall have the same meaning assigned to it in clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961)," added the Ministry.
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