The finance ministry's decision to bring virtual digital assets (VDAs) under the Prevention of Money Laundering Act (PMLA) could become a double-edged sword for crypto exchanges.
Experts said the step will increase their compliance burden, and may also lead to loss of customers since they will have to monitor transactions, maintain records and report suspicious activities, similar to what banks do.
VDAS, which include assets like cryptocurrencies and non-fungible tokens. (NFTs), have been losing value for almost a year due to the closure of major exchanges amid recessionary conditions globally. This has hit trading volumes, directly affecting the exchanges' revenues as they earn commissions from customers' trades. Additional reporting metrics could further dent their customer base.
هذه القصة مأخوذة من طبعة March 13, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة March 13, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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