“Govt Notification: India’s Crypto Under Money Laundering Act, Could More Crypto Crashes Be Coming?”
In the wake of recent reports of cryptocurrency being used for money laundering activities, the Indian government has issued a notification regarding the same.
The notification states that all entities dealing in cryptocurrencies must comply with the Prevention of Money Laundering Act and the Unlawful Activities (Prevention) Act.
The notification also warns that entities not complying with the notification will face severe penalties, including suspension or revocation of the license or registration.
The notification has sparked fears that this could lead to a further crash in the value of cryptocurrencies, as it may discourage investors from investing in them.
At the same time, some experts have argued that this may be a good thing, as it will ensure that cryptocurrency exchanges comply with the regulations and prevent criminal activities like money laundering.
Only time will tell how this notification will affect the value of cryptocurrencies, but it is clear that the Indian government is taking steps to ensure that cryptocurrency exchanges are compliant with the laws of the land.
