The proposal was made shortly after India added crypto to the anti-money laundering rules (PMLA or Prevention of Money Laundering Act), making crypto exchanges, non-fungible token (NFT) markets and custody service wallet providers which is legally responsible for monitoring suspicious financial activities by March 2023. The jury is divided on what this means for India. Legal experts say it gives teeth to regulators overseeing the industry for the first time. At the same time, proponents of the crypto industry say it gives “more legitimacy” to the sector because “adding crypto to anti-money laundering rules is akin to regulation,” a senior industry participant said on Monday.
