In a move towards bolstering its commitment to anti-money laundering (AML) measures, BuyUcoin, India’s second-oldest digital asset exchange, has announced its registration as a Financial Intelligence Unit – India (FIU-IND) registered reporting entity. This development comes as the Government of India rolls out stringent anti-money laundering laws (PMLA) in a bid to curb illicit financial activities within the virtual digital asset (VDA) ecosystem.
The Financial Intelligence Unit – India, a central national agency tasked with the responsibility of receiving, processing, analyzing, and disseminating information related to suspect financial transactions to enforcement agencies and foreign FIUs, now counts BuyUcoin among its registered reporting entities. This move aligns with the latest legal requirements and underscores BuyUcoin’s dedication to operating with utmost transparency and integrity in the rapidly evolving digital asset landscape.
As per the recently notified government laws in March 2023, virtual digital asset service providers, including exchanges like BuyUcoin, are mandated to adhere to PMLA guidelines. These guidelines encompass stringent measures such as the reporting of suspicious transactions, meticulous record-keeping of transactions, maintaining KYC records, and close collaboration with government agencies to ensure the highest levels of AML procedures and protocols.
BuyUcoin, with a user base exceeding 1 million active users, has demonstrated its commitment to these regulatory obligations. In a statement, Shivam Thakral, the CEO of BuyUcoin, emphasized the company’s dedication to ethical standards and its role in safeguarding both customers and the financial system from the perils of money laundering and related financial crimes.
Thakral stated, “Our registration with the FIU is a testament to our commitment to operating with the highest ethical standards and protecting our customers and the financial system from the risks of money laundering and other illicit activities. We are committed to working with the FIU and other regulatory bodies to combat money laundering and terrorism financing.”
He further added, “I strongly believe that India will lead the world in business-friendly policies around digital assets, and such initiatives will enable us to create an environment of transparency and trust within the digital asset ecosystem. Our aim is to educate our users about the latest compliance and empower them to leverage the true potential of the Web3 ecosystem.”
Apart from its registration with the FIU, BuyUcoin has implemented a comprehensive AML/CFT program. This program includes a robust customer identification and verification (CIP) process to verify the identity of its customers, continuous monitoring of customer transactions for any suspicious activity, and a structured reporting system for suspicious transactions to the FIU.
Founded in 2016, BuyUcoin has established itself as a leader in India’s digital asset exchange landscape. With a substantial user base of over 1 million active users, the exchange offers VDA trading services across the country. It boasts the widest range of digital assets available for trading on its platform and provides innovative, technology-driven services for a rich user experience.
Notably, BuyUcoin was among the first Indian exchanges to initiate a regulatory sandbox in 2021, fostering increased collaboration between regulatory authorities and digital asset industry players.
BuyUcoin’s proactive approach to AML compliance signifies a growing recognition within the industry of the need to uphold rigorous standards in the digital asset space, ensuring the protection of investors and the broader financial system. As the regulatory landscape continues to evolve, such initiatives will likely play a pivotal role in shaping the future of the digital asset ecosystem in India.