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Corporate Laws Central Ministry of Finance Prevention of Money-laundering Act, 2002

Scope of definition of Person carrying on designated business or profession under the Prevention of Money-laundering Act, 2002 widened

07-Mar-2023 | S.O. 1072(E)

The Central Government has issued a notification under Section 2(1)(sa)(vi) to provide the meaning to the definition of the Person carrying on designated business or profession under the Prevention of Money-laundering Act, 2002, effective from 7th March 2023.
By virtue of this notification, the following activities have been notified-
1. Exchange between virtual digital assets and fiat currencies;
2. Exchange between one or more forms of virtual digital assets;
3. Transfer of virtual digital assets;
4. Safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and
5. Participating in and providing financial services related to an issuer's offer and sale of a virtual digital asset.

Further, the Virtual Digital Asset shall have the same meaning assigned to it in Section 2(47A) of the Income Tax Act, 1961.

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