The Ministry of Finance, Department of Finance, on March 7, 2023, issued a notification (“Notification”) under Section 2 (1) (sa) (vi) of the Prevention of Money Laundering Act, 2002 (“PMLA”) which defines the term “person carrying on designated business or profession”. The Ministry of Finance, through the Notification, has included activities/transactions concerning virtual digital assets (“VDA”) under the definition of “person carrying on designated business or profession” and thus bringing VDAs under the ambit of PMLA.
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