<h1>Crypto exchanges' PMLA-linked registration and mandatory STR reporting, with beneficial ownership checks; Rs 28 crore penalties imposed.</h1> Virtual Digital Asset service providers (crypto exchanges) are required to register as reporting entities under the PMLA-linked reporting framework and furnish suspicious transaction reports (STRs) to FIU; in FY 2024-25, 49 exchanges were registered (45 onshore and 4 offshore), expanding the population subject to mandatory AML/CFT reporting and monitoring. As reporting entities, exchanges must determine and report beneficial ownership of wallets, monitor and report crowdfunding/initial token offerings, and track transfers between hosted and unhosted wallets, enabling supervisory scrutiny of VDA transaction flows. Post-registration compliance includes disclosure of bank/financial institution accounts, appointment of a designated director and principal officer, provision of platform contact details, implementation of internal audits, risk-based CDD/EDD and sanctions screening, and periodic risk assessments; non-compliance attracted aggregate penalties of Rs 28 crore in FY 2024-25.