Govt Defines Virtual Digital Asset Activities as Designated Businesses Under PMLA; FIU India to Regulate.

The Central Government, under the Prevention of Money-laundering Act, 2002, has issued a notification defining certain activities related to virtual digital assets as designated business activities when conducted on behalf of others. These activities include exchanges between virtual digital assets and fiat currencies, transfers of virtual digital assets, safekeeping or administration of these assets, and participation in financial services related to their sale. The term "virtual digital asset" is defined as per the Income-tax Act, 1961. The Director of the Financial Intelligence Unit, India, is designated as the regulator for these activities.