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ARTICLE · 16 MARCH 2023

Virtual Digital Assets Under The Ambit Of PMLA

Obhan Mason
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Money laundering has been a major concern for governments and financial institutions around the world for decades.

IndiaTechnology
Ashima Obhan
Ashima Obhan
Aparna Amnerkar
Aparna Amnerkar
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Money laundering has been a major concern for governments and financial institutions around the world for decades. Various methods are used to launder illegally acquired funds, including buying real estate properties, investing in businesses, and moving money through shell companies. However, in recent years, cryptocurrencies have emerged as a new and innovative way to launder money, owing to their anonymity and decentralized nature. In India, several measures have been introduced to regulate cryptocurrencies, including significant amendments to the Prevention of Money Laundering Act ("PMLA").

The Ministry of Finance, via a notification dated March 07, 2023 ("Notification")1 brought virtual digital assets ("VDA"), which involve cryptocurrency, under the ambit of the PMLA. The Notification brings the exchange of VDAs for fiat money, the exchange of one or more types of VDAs, the transfer of VDAs, the storage or management of VDAs or tools that allow control

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