Although it is nothing new to implement the Compliance Management (AML) specification for encryption, the Indian government has finally decided to notify all interested parties of their obligations to comply with our AML laws and regulations.
On March 7, the Indian announcement issued a notice from the Ministry of Finance, requiring a series of transactions using encryption to comply with the Prevention of money laundering Act of 2002, that is, the swap, transfer, deposit and management of virtual assets. Financial information services related to the provision and sale of virtual assets by foreign investors also fall within the category of PMLA.
The notice cannot provide too many details, but the PML law requires financial companies to keep details of all transactions over the past decade, if such records are given to the authorities and to verify the true identities of all customers.
The notice comes at a time when global regulators are tightening AML encryption rules, but it will complicate the lives of Indian encryption companies. In recent years, I have lost my strength. According to the newly revised tax standards, 30% tax will be levied on digital currency holdings and transfers from March 2022.
Related to:Exploring the offline download function of CBDC in India-Chairman of the Supervisory Board of RBI
Trading volume on India's key cryptocurrency exchanges fell by 70 per cent in the 10 days after the implementation of the new tax preference and by nearly 90 per cent in the following three months. Rigid tax incentives have forced login password traders to become offshore account trading centres and forced budding new login password projects to move outside India.
In February 2023, the Indian government once again demonstrated a strong view of the cryptocurrency, pre-emptive games, a ban on encrypted advertising and sponsorship of the local women's football league. Previously, the Men's Football Open was banned in 2022.
In 2023, while celebrating India's first presidency of the G20 rotation, Indian Finance Minister Nilmara Sisalaman urged people to diligently control login passwords. She calls for diligent cooperation in "creating and understanding macro financial hazards", which can be used to reform and innovate login password controls around the world.
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