India’s Ministry of Finance said there are no proposals for legislation governing the sale and purchase of digital assets. However, he noted that Virtual Digital Asset Service Providers (VDASPs) are reporting entities for anti money laundering (AML) purposes. There were some mixed messages as the G20 wants to see some steps taken.
Pankaj Chaudhary, Minister of State at the Ministry of Finance, shared the information as part of a written response to a question from the lower parliament, Lok Sabha, by GM Harish Balayogi.
We’d observe that the Mr Chaudhary’s wording was very specific: “regulating the sales and purchase of virtual digital assets”. That might not cover the regulation of service providers or the custody of digital assets.
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