India: Published Notification subjecting crypto transactions to the Prevention of Money-Laundering Act

On 7 March 2023, the Gazette of India published a notification from the Ministry of Finance subjecting crypto transactions to the Prevention of Money-Laundering Act 2002. In particular, the adopted order would make subject to the Act the exchanges between virtual digital assets and fiat currencies, exchanges between one or more forms of virtual digital assets and transfers of virtual digital assets. Furthermore, the administration, safekeeping or instruments enabling control over virtual digital assets and allowing participation in and provision of financial services related to an issuer's offer and sale will be subject to the Act.