India Strengthens Cryptocurrency Control
India is tightening its cryptocurrency controls, particularly targeting transactions from Jammu & Kashmir and neighboring border areas. The government has instructed exchanges to closely monitor these transactions due to concerns about money laundering and illegal funding. According to a report from The Economic Times, this comes after a recent attack in Pahalgam, Kashmir, raising security concerns.
Cryptocurrencies named "Pahalgam" and "Operation Sindoor" have emerged on platforms like Solana, raising concerns. India's Financial Intelligence Unit (FIU-IND) has advised some Indian cryptocurrency exchanges to be highly vigilant against suspicious activities.
Tight Monitoring of Private Wallets
Exchanges have been ordered to closely monitor private wallet transactions, which allow users to transfer cryptocurrency directly without intermediaries. This complicates the tracking of funds, especially if used for illegal purposes. Sources indicate that the current focus is on monitoring transactions from border areas, in addition to typical suspicious transactions.
Like banks, cryptocurrency exchanges must regularly report Suspicious Transaction Reports (STRs) to the FIU. Last year, cryptocurrency withdrawal regulations were tightened, requiring users to provide more information on how funds are used to prevent abuse.
Concerns About International Transactions
Some Indian cryptocurrency exchanges are currently verifying whether Binance wallets belong to customers before allowing withdrawals. The biggest concern is that once the funds reach Binance, they can be transferred almost anywhere. Additionally, there are still no international guidelines for international cryptocurrency transactions.
At the same time, SEBI has instructed Alternative Investment Fund (AIF) managers to monitor risks related to money laundering and terrorist financing within their funds.
Source: https://tintucbitcoin.com/an-do-siet-giao-dich-tien-dien-tu-jk-chong-rua-tien/
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