What does this mean for crypto firms?

All digital asset platforms must now take anti-money laundering measures on the same scale as regulated entities like banks or stock brokers. Crypto entities dealing in VDAs will now mandatorily have to perform KYC for the users on their platforms. Apart from this, exchanges must also report any suspicious activity to the Financial Intelligence Unit India.

And since the notification included that the government will now consider these firms reporting entities, the law requires them to diligently maintain a record of all transactions for at least five years. Moreover, any transaction exceeding ₹10 lakhs, either as a lump sum or as a monthly aggregate, must be recorded separately.

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