India strictly regulates 49 crypto exchanges, AML compliance becomes the new industry norm

【Crypto World】India’s financial intelligence agency will officially include 49 cryptocurrency exchanges into the regulatory framework for the 2024-2025 fiscal year, leading to a comprehensive upgrade of anti-money laundering measures across the industry.

The latest regulatory review points out that the flow of crypto funds involving high-risk activities such as scams, fraud, and terrorist financing still exists. To plug these loopholes, these platforms must strictly enforce the provisions of the Prevention of Money Laundering Act (PMLA). Specific requirements include reporting all suspicious transactions, implementing customer identity verification processes, and establishing a comprehensive internal compliance mechanism.

The gears of regulation are already turning. In the last fiscal year, platforms that failed to comply with regulations were fined a total of 28 million rupees, a figure that clearly demonstrates the regulatory authorities’ stance.

Interestingly, industry insiders believe that although regulatory pressure is high, this competitive environment can actually drive innovation. Only by establishing a sound compliance system can companies stand firm in long-term competition.