The proposal was made shortly after India added crypto to anti-money laundering guidelines (PMLA or Prevention of Cash Laundering Act), making crypto exchanges, non-fungible token (NFT) marketplaces and custody service pockets suppliers legally answerable for monitoring suspicious monetary actions in March 2023. The jury on what this meant for India was divided. Authorized specialists stated this gave tooth to the regulators overseeing the business for the primary time. On the similar time, advocates of the crypto business stated this gave “extra legitimacy” to the sector as a result of “including crypto to anti-money laundering guidelines is a few semblance of regulation,” a senior business participant stated Monday.
