Indian crypto investors still holding onto new alt token projects despite PMLA scrutiny
Mar 21, 2023
New Delhi [India], March 21 (ANI/ATK): The Indian government has included cryptocurrencies in the Prevention of Money Laundering Act (PMLA) to regulate the industry and prevent illicit activities. Meanwhile, crypto investors are still enthusiastic about new projects such as yPredict.ai.
The Indian government has recently included cryptocurrencies in the Prevention of Money Laundering Act (PMLA), requiring crypto exchanges to comply with anti-money laundering and Know Your Customer regulations. The move is aimed at regulating the cryptocurrency industry and preventing the use of digital currencies for illicit activities such as money laundering and terrorism financing. Individuals found guilty of using virtual currency for illegal activities will face the same penalties as those for traditional money laundering activities. The Prevention of Money Laundering Act (PMLA) outlines strict punishments for individuals found guilty of money laundering, including imprisonment for a term ranging from three to seven years and fines up to Rs. 5 lakh. Repeat offenders may face up to ten years in prison and fines up to Rs. 10 lakh.
Despite the PMLA heavy scrutiny the crypto investors have kept their faith in these four new crypto projects:
- Unlocking the power of AI for smarter trading decisions
2. Wolfpad - Financing with STOs: the secure, regulated and liquid investment option
3. Fightout - Fitness platform offering intensive workout programs
4. Meta master guild - Innovative platform serves as a mobile gaming guild
The Prevention of Money Laundering Act (PMLA) in India empowers various investigating agencies to probe and prosecute cases related to money laundering. The primary agency responsible for enforcing PMLA is the Enforcement Directorate (ED), which is part of the Ministry of Finance. This agency investigates cases, collects evidence, and prosecutes offenders under the provisions of the PMLA.
The implementation of PMLA regulations can have both positive and negative effects on crypto investors. While it can increase investor protection and improve transparency in the crypto industry, it can also lead to stricter regulations and possible legal repercussions for non-compliant investors. Additionally, it may increase compliance costs for crypto exchanges and service providers, potentially resulting in higher fees for investors.
More about yPredict.ai
- yPredict an AI based token is going through its presale and has attracted investors heavily to its platform due to its innovative tools for trading.
- The yPredict token (YPRED) is available for purchase through its presale, with a goal of $300,000 and a listing price of $0.045.
- Buyers can use ETH, Matic, or BNB to purchase YPRED and receive lifetime free predictions via yPredict Analytics, as well as a 2% bonus in YPRED tokens.
- The platform with a potential for 10 - 100x return. A lucrative investment option
The factors that contribute to a cryptocurrency project being considered trustworthy include a transparent and an experienced team, a clear and well-defined project roadmap, a solid technical foundation, a strong community and ecosystem, and an established track record of delivering on promises and meeting milestones. Additionally, regulatory compliance and transparency in financial dealings may further enhance a project's trustworthiness. It is important to conduct thorough research and due diligence before investing in any cryptocurrency project. All these four projects have KYC which provides safety to the investors.
With new restrictions in place a crypto investor needs to practise caution while transacting in the crypto space. They should ensure that the crypto exchanges they use are compliant with PMLA regulations and have proper Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in place. Investors should also be aware of the risks associated with cryptocurrencies, such as market volatility and potential hacking incidents, and invest only what they can afford to lose. It is also advisable to seek professional advice from financial experts before making any investment decisions.
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