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ARTICLE · 18 MAY 2023

Recent Legal Developments And Market Updates In India

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With the financial year ending in March 2023, there was a flurry of activity by financial services regulators. In particular, the Government of India has expressed its interest in the crypto ecosystem...

IndiaTechnology
Avimukt Dar
Avimukt Dar
Suneeth Katarki
Suneeth Katarki
Namita Viswanath
Namita Viswanath
Shreya Suri
Shreya Suri
Raghav Muthanna
Raghav Muthanna
Srija Ray
Srija Ray
Ananya Dash
Ananya Dash
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INTRODUCTION

With the financial year ending in March 2023, there was a flurry of activity by financial services regulators. In particular, the Government of India has expressed its interest in the crypto ecosystem by expanding the Prevention of Money Laundering Act, 2002 ("PMLA") compliance to entities providing services in relation to Virtual Digital Assets ("VDA"). This, along with the Reserve Bank of India's ("RBI") consistent increase in scrutiny and investigations of businesses in the digital lending space constituted the key highlights in March 2023.

If the Union Budget, 2023, and the regulatory reforms announced over the past few months are any indication of the regulator's intent, it appears evident that we are likely to continue to witness several movements in both regulatory and market developments as we step into the new financial year. You can find our write-up on the key reforms affecting the fintech sector here. From an increase in embedded finance

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