AGL 40.01 Increased By ▲ 0.01 (0.03%)
AIRLINK 127.00 Decreased By ▼ -0.04 (-0.03%)
BOP 6.66 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.60 Increased By ▲ 0.05 (0.58%)
DFML 41.36 Decreased By ▼ -0.08 (-0.19%)
DGKC 86.70 Decreased By ▼ -0.15 (-0.17%)
FCCL 32.14 Decreased By ▼ -0.14 (-0.43%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.99 Increased By ▲ 0.42 (0.38%)
HUMNL 14.88 Increased By ▲ 0.20 (1.36%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.45 Decreased By ▼ -0.01 (-0.13%)
MLCF 41.25 Decreased By ▼ -0.13 (-0.31%)
NBP 60.49 Increased By ▲ 0.08 (0.13%)
OGDC 189.52 Decreased By ▼ -0.58 (-0.31%)
PAEL 27.75 Decreased By ▼ -0.08 (-0.29%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 149.70 Decreased By ▼ -0.36 (-0.24%)
PRL 26.75 Decreased By ▼ -0.13 (-0.48%)
PTC 16.25 Increased By ▲ 0.18 (1.12%)
SEARL 86.02 Increased By ▲ 0.02 (0.02%)
TELE 7.73 Increased By ▲ 0.02 (0.26%)
TOMCL 35.50 Increased By ▲ 0.09 (0.25%)
TPLP 8.10 Decreased By ▼ -0.02 (-0.25%)
TREET 16.45 Increased By ▲ 0.04 (0.24%)
TRG 53.41 Increased By ▲ 0.12 (0.23%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,983 Increased By 99.6 (1.01%)
BR30 31,127 Increased By 526.8 (1.72%)
KSE100 94,077 Increased By 721.4 (0.77%)
KSE30 29,149 Increased By 218.6 (0.76%)

MUMBAI, March 8 (Reuters) - India’s money laundering laws will apply to trade in crypto currencies, the federal government said in a notification dated March 7.

The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said. The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will also be covered, the notification added.

India is yet to finalise legislation and regulations surrounding crypto currencies even as the country’s central bank has cautioned against their use multiple times.

The Reserve Bank of India has said that crypto currencies should be banned as they are akin to a Ponzi scheme.

Extending India’s money laundering rules to crypto currencies will give authorities greater authority in monitoring the transfer of these assets beyond the country’s borders. The Narendra Modi-led administration, as part of its leadership of the G-20 forum, has been pushing for a wider global agreement on dealing with the risks brought on by crypto currencies.

Comments

Comments are closed.