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ARTICLE · 14 APRIL 2023

Notification Under The Prevention Of Money Laundering Act, 2002, Regulating Virtual Digital Assets

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The Ministry of Finance, Department of Finance, on March 7, 2023, issued a notification ("Notification") under Section 2 (1) (sa) (vi) of the Prevention of Money Laundering Act, 2002 ("PMLA") which defines the term "person carrying on designated business or profession".

IndiaGovernment, Public Sector
Gerald Manoharan
Gerald Manoharan
Manas Ingle
Manas Ingle
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The Ministry of Finance, Department of Finance, on March 7, 2023, issued a notification ("Notification") under Section 2 (1) (sa) (vi) of the Prevention of Money Laundering Act, 2002 ("PMLA") which defines the term "person carrying on designated business or profession". The Ministry of Finance, through the Notification, has included the following activities/transactions concerning virtual digital assets ("VDA") under the definition of "person carrying on designated business or profession" and thus bringing VDAs under the ambit of PMLA.

  1. exchange between VDA and fiat currencies;
  2. exchange between one or more forms of VDA;
  3. transfer of VDA;
  4. safekeeping or administration of VDA or instruments enabling control over VDA; and

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