Crypto exchanges, intermediaries need to perform KYC of clients, users ...Middle East

Business Standard - Economy

Crypto exchanges and intermediaries dealing with virtual digital assets will now be required to perform KYC of their clients and users of the platform. The Finance Ministry on March 7 notified that entities dealing in virtual digital assets will now be considered 'reporting entity' under the Prevention of money laundering Act (PMLA). Entities involved in the exchange between VDAs and Fiat currencies or transfer of VDAs or safekeeping and administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA would be 'reporting entity' for the purpose of the PMLA. Under the anti-money laundering law, reporting entities are required to maintain KYC detai

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Last updated : 08 March 2023 clock 07:24 PM

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Crypto exchanges, intermediaries need to perform KYC of clients, users ...Middle East

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