What has been the response of Indian exchanges to the Crypto PMLA rule?

The Indian government has extended the scope of the Prevention of Money Laundering Act (PMLA) 2002 to include crypto trading, virtual digital assets (VDAs), and related financial services. This means that any financial misconduct involving crypto assets can now be investigated by the Enforcement Directorate (ED). The announcement has had a positive impact on the Indian cryptoverse as it tightens the government's control over digital assets in the country. The new PMLA provisions bring cryptocurrencies, exchanges, and transfers of VDAs within the purview of the Act, ensuring that money laundering provisions apply to the country's crypto industry. The Union Finance Ministry issued a notice on Tuesday to implement these changes.