How India’s cryptocurrency exchanges are countering dirty money
Unlike financial assets like FDs, stocks and bonds, bitcoin and other cryptos are not held in bank or demat accounts. They can be held outside crypto exchanges in what are called cold wallets.
Bitcoin and other cryptocurrencies are often used by criminals to launder money. Despite lack of regulation, India's crypto exchanges deploy certain KYC and anti-money laundering procedures, but loopholes remain in the ecosystem. Mint explains.