In spite of the government’s recent inclusion of PMLA (Prevention of Money Laundering Act) in cryptocurrency, Indian cryptocurrency investors have demonstrated unwavering optimism in fresh alt-token initiatives. They may have a solid understanding of and experience with digital currencies, or perhaps their unwavering attitude stems from their belief that this new asset class can provide profitable returns.
PMLA has been implemented to stop potential money laundering and terrorism financing through cryptocurrency exchanges. Yet, knowledgeable Indian cryptocurrency investors have kept a bullish attitude on the future of digital assets. They are confident that these tokens will eventually be accepted as a form of payment across the nation if the appropriate steps are made and rules are put in place.
Tech-savvy investors’ growing enthusiasm for Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) has further solidified their trust in the underlying blockchain technology. Many Indian investors are eager about investing in ICOs despite the repeated advisories from financial regulators regarding the dangers involved. Nothing seems to be able to curb India’s hunger for cryptocurrencies, not even government scrutiny.
What Punishment has been Implemented by the Indian Government for Breaching PMLA?
The Indian government has adopted a strict policy towards people found guilty of violating the PMLA. People who are found guilty face heavy fines of up to 10 lakh rupees and prison terms of three to ten years. The victims get the sense of justice they deserve thanks to this strict response, which once again reminds us that financial crime won’t be tolerated anymore.