The government notifies 25 offshore cryptocurrency companies for violating the PMLA
By : Sandhya
New Delhi: According to a statement released by the union finance ministry, the government has sent notices for non-compliance under the Prevention of Money Laundering Act (PMLA) to 25 offshore virtual digital asset (VDA) service providers, including CoinW of Singapore, BTCC of the UK, Changelly of Hong Kong, and Paxful of the US.
The government stated on Wednesday that it has also sent notices to these organizations regarding the removal of public access applications and URLs that have been discovered to be operating unlawfully and not in accordance with the applicable PMLA rules in India. According to the Financial Intelligence Unit-India (FIU-IND), 25 offshore Virtual Digital Asset Service Providers (VDA SPs) have received notices for non-compliance under Section 13 of the PMLA, 2002, as part of a recent compliance effort against such businesses.
Additionally, the message warned the public against utilizing VDAs. It should be noted that NFTs and cryptocurrency products are unregulated and potentially very dangerous. It stated that there might be no regulatory redress for any losses resulting from these kinds of transactions.