India has taken a tough stance on so-called privacy cryptocurrencies, directing crypto exchanges and platforms to stop dealing in digital assets that hide transaction histories and user identities to combat money-laundering risks.
The Financial Intelligence Unit (FIU), under the finance ministry, has instructed that anonymity-enhancing crypto tokens such as Monero (XMR), Zcash (ZEC) and Dash (DASH) may no longer be permitted for deposits or withdrawals on recognized trading platforms because they can obscure the origin and ownership of funds.
The move aims to reduce misuse of these coins for illicit activity including money laundering, and strengthens compliance by pushing trading platforms to restrict transactions involving such assets and monitor unhosted wallet transfers more closely.
The FIU has also warned about tools like tumblers and mixers that can further hide transaction trails and complicate enforcement.
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