Is India Preparing to Ban Cryptocurrency?

India’s Finance Ministry Includes Virtual Digital Assets under PMLA: A Regulatory Shift

The recent move by the Finance Ministry to include virtual digital assets (VDAs) under the Prevention of Money Laundering Act (PMLA) marks a significant shift in India’s regulatory landscape for cryptocurrencies. This proactive measure empowers agencies like the Enforcement Directorate and the Income Tax Department to scrutinize crypto transactions, highlighting the government’s commitment to robust regulation. By extending the mandates of these agencies to cover VDAs, the government aims to combat money laundering and illicit activities in the crypto sector.