Govt to bring cryptos under the ambit of PMLA

The decision of the government to bring in virtual digital assets (VDAs) under the ambit of the Prevention of Money Laundering Act (PMLA) may offer an opportunity to the crypto exchanges in the country to show to the Reserve Bank of India that cryptocurrencies may not be seen only as an instrument of money laundering.

Speaking at a Twitter space event, organised by CoinDCX, Aruna Sharma, a development economist and former secretary in the Union ministry of electronics and IT and steel, said that regulations in the sector that are necessary are coming in a piecemeal manner with the government introducing taxation on VDAs earlier.