CoinDCX, an Indian crypto company, has announced that it has become a Financial Intelligence Unit (FIU)-registered reporting entity, under the new anti-money laundering laws announced by the Government of India in March, 2023.
“I believe this will pave the road towards increased accountability and implementation of practices by the VDA industry. We look forward to being an FIU-registered reporting entity. As the industry continues to evolve, we aim to continue building trust and transparency, and focus on educating stakeholders to make VDA and Web3.0 safer and compliant,” Sumit Gupta, founder and CEO, CoinDCX, said.
According to an official release, the company will continue to follow KYC norms and abide by the law by obtaining information from their customers, maintain records of all transactions conducted on their platform, report any suspicious transactions to the FIU within a time frame, and appoint a compliance officer responsible to ensure compliance with all regulatory requirements under the PMLA.
