Crypto transactions to be under money laundering: Centre

 NEW DELHI: Any participation in transactions involving virtual digital assets or cryptocurrency, would come under the Prevention of Money Laundering Act, or PMLA, the Centre has said. This was announced through a gazette notification issued on March 7.

The step has been taken to tighten misuse of digital assets. In the Gazette, the government has warned investors against ‘participation in and provision of financial services related to an issuer's offer and sale of a virtual digital asset’. "Exchange and transfer of virtual digital assets would also fall under PMLA laws," the notification further said. According to the Income Tax Act, a virtual digital asset refers to any information, code, number, or token generated through cryptographic means. (IANS)

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