India Cracks Down on Crypto: Strict AML and KYC Rules Now in Effect

India's Financial Intelligence Unit (FIU-IND) has officially brought all virtual asset service providers (VASPs) under the Prevention of Money Laundering Act (PMLA), enforcing stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This move aligns the crypto sector with traditional financial institutions, aiming to curb illicit activities and enhance transparency within the digital asset space.