India’s Latest Crackdown on Crypto: A Most Mysterious Mandate
In what can only be described as a delightful blend of bureaucratic rigor and governmental watchfulness, India has reportedly mandated cybersecurity audits for all cryptocurrency exchanges, custodians, and intermediaries. The Financial Intelligence Unit (FIU), in its infinite wisdom, directed that virtual digital asset (VDA) service providers must engage auditors employed by the Indian Computer Emergency Response Team (CERT-In), according to a quaint report from Economic Times on Sept. 17. Oh, CERT-In, the embattled guardian of the country’s cybersecurity infrastructure, who on this day, alongside the auditors, will witness VDA providers scrambled for compliance, much like myself at a prolonged family dinner. Thrillingly, the completion of these audits is now mandatory for FIU registration, thereby equating VDA service providers with banks under the illustrious Prevention of Money Laundering Act, 2002.