Finance Ministry response: Has Government allowed cryptocurrency exchanges as a

Question

Finance Ministry response: Has Government allowed cryptocurrency exchanges as a

legally permitted entity in India?
The Ministry of Finance said in a written reply to a query that the Government does not collect information on trading in cryptocurrency.

On the question of whether the Government has allowed cryptocurrency exchanges as a legally permitted entity in India, the Ministry said, "Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances."

#cryptocurrency #english #wazirx

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29.11.2021

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all roads leading to regulation

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29.11.2021

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