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DAILY NEWS ANALYSIS
06 January, 2024
4 Min Read
Recently, the Financial Intelligence Unit India (FIU IND) issued show-cause notices to 9 offshore virtual digital asset service providers (VDA SPs) like Bitfinex and MEXC Global, among others.
What is FIU-IND?
Cash transaction reports – It is mandatory for banks in India to furnish a monthly CTR to the FIU on
What are Virtual Digital Assets (VDA)?
According to the Financial Action Task Force (FATF), a virtual asset service provider (VASp) can be any natural or legal person who conducts activities like carrying out transfer of virtual assets, administer them, or oversee their sale by an issuer’s office.
VDA – It refers to
Indian currency and foreign currency as defined under the Foreign Exchange Management Act, 1999, have been excluded from the ambit of VDAs.
Currently, 31 VDA SPs have registered with FIU IND.
Some global regulations of VDA SPs are Dubai Virtual Assets Regulatory Authority (VARA) in Dubai and Markets in Crypto-Assets Regulation (MiCA) in European Union.
What approaches emerge when looking to regulate VDAs?
Bank of International Settlements (BIS) |
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