Crypto currency transactions have been gaining popularity worldwide, as they provide a decentralized platform for financial transactions. However, with the increase in use of crypto currency, there is also an increase in the risk of it being used for illegal activities such as money laundering. In order to combat this, the Indian government has included crypto currency under the Prevention of Money Laundering Act (PMLA) 2002.

The PMLA is a law that aims to prevent illegal activities such as money laundering and terrorism financing. It requires financial institutions to keep records of all transactions and report any suspicious transactions to the authorities. With crypto currency now being included under this act, users of crypto currency must follow the same rules and regulations as traditional financial transactions.

Users of crypto currency must register with the authorities to be able to buy or sell crypto currency, verify their identity through a Know Your Customer (KYC) process, maintain accurate records of their transactions, and report any suspicious transactions to the authorities. Financial institutions that deal with crypto currency must implement KYC procedures and monitor transactions for suspicious activity.

Following the rules and regulations under the PMLA can help to keep the crypto currency industry safe and secure for everyone. By implementing KYC procedures and monitoring transactions, financial institutions can detect any suspicious activity and report it to the authorities. This helps to prevent illegal activities such as money laundering and terrorism financing.

In conclusion, the inclusion of crypto currency under the PMLA is a positive step towards ensuring the safety and security of financial transactions. Users of crypto currency must follow the rules and regulations under the PMLA to prevent illegal activities, and financial institutions must implement measures to monitor transactions for suspicious activity. By working together, we can help to keep the crypto currency industry safe and secure for everyone.