On March 7th, the Finance Ministry of India announced its decision to include cryptocurrencies and other VDA (Virtual Digital Assets) under the Prevention of Money Laundering Act (PMLA).
Before you panic, if you’re an investor, know that this law only gives you additional protection and is not a cause for concern by any means.
Our Stance
We see this as a step in the right direction. This move shows that the government recognizes digital assets as a growing asset class and has acknowledged the need for regulations. Moreover, it will definitely help prevent digital assets from being misused by bad actors. And the positive results from this move will likely prompt the government to introduce more regulations in the space and encourage a larger audience to consider investing in digital assets. Building trust is essential for the large-scale adoption of cryptocurrencies and other digital assets, and hopefully, this acts as another catalyst for that.