Virtual Digital Assets

FIG Paper (No. 33 – Series 2): Compulsory Registration of Off-shore Virtual Digital Asset Service Providers with FIU-IND?

Recently, the Financial Intelligence Unit – India (“FIU-Ind”) has issued show-cause notices to several offshore Virtual Digital Asset Service Providers (“VDASP”) for non-compliance with  provisions of the Prevention of Money Laundering Act, 2002 (“PMLA”) and for non-registration with the FIU-Ind, post amendment to PMLA on march 07, 2023, while catering to the Indian customers and operating in the Indian market.Continue Reading FIG Paper (No. 33 – Series 2): Compulsory Registration of Off-shore Virtual Digital Asset Service Providers with FIU-IND?

Gaming Law

The Ministry of Finance has issued a notification dated March 07, 2023 (“Notification”), classifying entities that engage in specific activities (see below) related to Virtual Digital Assets (“VDA(s)”) in the course of business, as “persons carrying on designated business or profession” Therefore, such entities are now considered “Reporting Entities” under the Prevention of Money Laundering Act, 2002 and the corresponding rules (“PMLA”).Continue Reading PMLA Concerns for the Skill Gaming Sector?