BWA Demand Action Against Offshore Entities
India’s government has blocked the URLs of nine offshore exchanges and issued show cause notices after a request from the Bharat Web3 Association’s advocacy body. The letter, written by BWA Chairman Dilip Chenoy, was addressed to the Indian Finance Ministry’s Department of Revenue Secretary, Sanjay Malhotra. Two weeks have been given to the offshore exchanges to respond to the show cause notice, which asks why actions shouldn’t be taken against them.
The letter also sought a one-month grace period for offshore exchanges to register with India’s Financial Intelligence Unit (FIU), which falls under the Finance Ministry. It is unclear whether the BWA letter was single-handedly responsible for the action or if the government would have taken the action unilaterally. In March, India’s Finance Ministry mandated that crypto businesses register with the FIU and comply with other processes under its Prevention of Money Laundering Act (PMLA).
(With inputs from Shikha Singh)
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