The move by India aligns with a 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.
Last year India applied more stringent tax rules on the crypto sector, including applying a levy on trading. Those moves, as well as a global rout in digital assets, caused a plunge in domestic trading volumes.
The latest anti-money laundering measure “is concerning as implementing the requisite compliance measures is likely to require time and resources,” Reddy said.
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