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Informist, Wednesday, Sept. 9, 2026

 

NEW DELHI – The finance ministry's Financial Intelligence Unit-India has issued notices for non-compliance to 15 virtual digital assets service providers under the Prevention of Money Laundering Act, 2002. The agency has asked these crypto service providers, including RezorEx and BLF Global Ltd., to take down the application or uniform resource locator, the ministry said Wednesday.

 

The director at the central agency issued notices after the platforms were "found to be operating illegally without complying with the relevant provisions of the PMLA (Prevention of Money Laundering Act, 2002) in India," the ministry said in a press release.

 

The virtual digital assets service providers operating in India, whether offshore or onshore, are required to be registered with the government agency as reporting entity and comply with the set of obligations as mandated under the Act. "These obligations are activity-based and are not contingent on physical presence of the entity in India," the ministry said. The regulation casts reporting, record-keeping, and other obligations on these service providers under the Act, it added.

 

The crypto service providers were brought into the ambit of the anti-money laundering and anti-terror financing frameworks under provisions of the Prevention of Money Laundering Act, 2002, in March 2023, the ministry said. "...the Crypto products and NFTs (non-fungible tokens) are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions."  End

 

Reported by Shweta

Edited by Rajeev Pai

 

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