India imposes money laundering provisions on cryptocurrency sector

India has imposed money laundering provisions on the cryptocurrency sector as the government looks to tighten oversight of digital assets.

According to a Finance Ministry notice cited by new agency Bloomberg, the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.

The move is in line with the global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers, said Jaideep Reddy, counsel at law firm Trilegal, told Bloomberg.