News Karnataka
Tuesday, December 05 2023

Cryptocurrency transactions to come under PMLA provisions: Govt

Cryptocurrency transactions to come under PMLA provisions: Govt
Photo Credit : IANS

New Delhi: Any participation in transactions involving virtual digital assets or cryptocurrency, would come under the Prevention of Money Laundering Act or PMLA, the Centre has said.

This was announced through a gazette notification, issued on March 7.

The step has been taken to tighten misuse of digital assets.

Government in the gaze Cryptocurrency transactions to come under PMLA provisions: Govttte has warned investors against “participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset”.

“Exchange and transfer of virtual digital assets would also fall under PMLA laws,” the notification further said.

According to the Income tax act, a virtual digital asset refers to any information, code, number, or token generated through cryptographic means.

Read more:

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Bengaluru: PMLA case, ED conducts searches at 16 locations in City

Bengaluru: ED summons DKS on October 7 in PMLA case

Delhi: ED chargesheets 6 before PMLA court

Enforcement Directorate lodges PMLA case against Raj Kundra


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