As PMLA tightens grip on crypto, here's how other nations regulate VDAs

business-standard.com:

The Ministry of Finance’s March 7 decision to place virtual digital assets (VDAs), which include cryptocurrencies and non-fungible tokens (NFTs), under the purview of the Prevention of Money Laundering Act (PMLA) will introduce a layer of compliance for firms involved in the cryptocurrency industry.

Crypto entities will be obligated to record transaction and client data, monitor compliance, and report suspicious activities while empowering the Enforcement Directorate (ED) to investigate suspected crypto-related financial wrongdoings. Moreover, last year, Finance Minister Nirmala Sitharaman introduced a flat 30 per cent tax on profits from transferring crypto assets and NFTs.

As India strengthens the regulatory framework over the cryptocurrency sector, here is a list of countries that have taken a shot at addressing this complex issue.

Australia: With the market size of its crypto exchange industry pegged at reportedly $58.9 million, crypto assets, which are or form a chunk of an investment or exchange-traded product, require an Australian Financial Services Licence (AFSL) in view of the current financial services regime under the Corporations Act (2001). Firms involved with the crypto sector need to report suspicious transactions, comply with the anti-money laundering (AML) and counter-terrorism financing (CTF) regime to curb financial and terror crimes from the crypto industry,

Russia: In July 2020, Russian President Vladimir Putin issued a regulation on digital financial assets (DFA) that legalised cryptocurrency transactions. However, cryptocurrencies are barred from exchanging goods and services in the country. Last year, the Central Bank of Russia (CBR) reiterated its stance and recommended a ban on