28 Indian cryptocurrency service providers have registered with the country’s anti-money laundering department

As many as 28 virtual digital asset (VDA) or cryptocurrency service providers have registered with India's Financial Intelligence Unit (FIU). In March of this year, the Indian Ministry of Finance stipulated that cryptocurrency companies must register with the FIU, the country's anti-money laundering agency, and comply with other processes as stipulated by the Prevention of Money Laundering Act (PMLA). The Ministry of Finance's response also indicated that "guidelines and reporting requirements apply to offshore cryptocurrency exchanges that provide services to the Indian market" and that "appropriate action under the PMLA" will be taken against non-compliant offshore platforms.