Crypto Exchange Unocoin
Crypto exchanges, intermediaries need to perform KYC of clients, users
Crypto exchanges and intermediaries dealing with virtual digital assets will now be required to perform KYC of their clients and users of the platform. The Finance Ministry on March 7 notified that entities dealing in virtual digital assets will now be considered 'reporting entity' under the Prevention of money laundering Act (PMLA). Entities involved in the exchange between VDAs and Fiat currencies or transfer of VDAs or safekeeping and administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA would be 'reporting entity' for the purpose of the PMLA. Under the anti-money laundering law, reporting entities are required to maintain KYC details or records of documents evidencing the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. AMRG & Associates Senior Partner Rajat Mohan said all such intermediaries need to maintain a record of all transactions, and such
 "Crypto exchanges, intermediaries need to perform KYC of clients, users")
After FTX chaos, Indian crypto exchanges try to calm nervous investors
Cryptocurrency news: On Friday, the crypto market cap was at $826 billion, Bitcoin was trading at $16,451 and Ethereum at $1,180
 "After FTX chaos, Indian crypto exchanges try to calm nervous investors")
Sam Bankman-Fried: 'Crypto genius' who lost $14.5 billion in a single day
Bankman-Fried vanished from the Bloomberg Billionaires Index after his net worth just vaporised, falling 94% in a single day
 "Sam Bankman-Fried: 'Crypto genius' who lost $14.5 billion in a single day")
Shardeum raises $18 mn in seed round from a clutch of 60 investors
WazirX founder Nischal Shetty, also co-founder Shardeum, says crypto world needs to work with regulatory bodies
 "Shardeum raises $18 mn in seed round from a clutch of 60 investors")
Group representing Indian crypto exchanges to be dismantled: Report
The Internet and Mobile Association of India (IAMAI) is dismantling BACC after disagreement and allegations that crypto exchanges were not following an internal code of conduct
 "Group representing Indian crypto exchanges to be dismantled: Report")
CoinSwitch appoints former Myntra VP as head of crypto engineering
Sudheer Tumuluru joins CoinSwitch from Myntra where he was VP-engineering. With two decades of experience, he has built cloud, Big data and infrastructure platforms at tech firms in India and US
 "CoinSwitch appoints former Myntra VP as head of crypto engineering")
Nascent but growing crypto-universe under threat from proposed crypto ban
There is, however, some confidence that the Centre will allow, rather, promote, innovations around blockchain, the underlying technology for Bitcoin
 "Nascent but growing crypto-universe under threat from proposed crypto ban")
Crypto exchange Unocoin to challenge RBI over access to banking services
Move follows Ahmedabad-based CoinRecoil's writ petition in Delhi HC challenging the RBI notification barring banks from extending services to crypto exchanges
 "Crypto exchange Unocoin to challenge RBI over access to banking services")
