From Bitcoin to Bust: Understanding the Impact of PMLA on the Indian Cryptocurrency Market

Amisha Mittal; Shubhi Agrawal

From Bitcoin to Bust: Understanding the Impact of PMLA on the Indian Cryptocurrency Market

Publication Information

Journal Title: Indian Politics & Law Review
Author(s): Amisha Mittal & Shubhi Agrawal
Published On: 25/07/2023
Volume: 8
First Page: 216
Last Page: 231
ISSN: 2581-7086
Publisher: The Law Brigade Publisher

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Cite this Article

Amisha Mittal & Shubhi Agrawal, From Bitcoin to Bust: Understanding the Impact of PMLA on the Indian Cryptocurrency Market, Volume 8, Indian Politics & Law Review, 216-231, Published on 25/07/2023, Available at https://iplr.thelawbrigade.com/article/from-bitcoin-to-bust-understanding-the-impact-of-pmla-on-the-indian-cryptocurrency-market/

Abstract

As a popular form of investment and payment, cryptocurrency has grown exponentially in recognition in recent years. However, it additionally has grown into an opportunity for money laundering and other financial crimes simply due to its decentralized and anonymous nature. The Prevention of Money Laundering Act (PMLA) along with other regulations are being brought into effect by the Indian government to curb such crimes. The following paper aims to provide an in-depth analysis of the PMLA’s regulation of cryptocurrencies along with how it affects the Indian cryptocurrency market by analysing its provisions, difficulties, and ramifications.

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Keywords: Cryptocurrency, Money laundering, Prevention of Money Laundering Act (PMLA), Regulations, Indian cryptocurrency market, Anti-money laundering (AML), Financial crimes