Pioneering Fintech Regulation: India's Global Leadership Against Financial Crimes

India is actively implementing Financial Action Task Force recommendations to regulate the fintech industry against money laundering and terror financing. With new guidelines for payment gateways and mandatory registration for virtual asset service providers, India aims to balance regulation with industry growth.

In a bid to curb financial crimes, India is implementing the Financial Action Task Force's recommendations to regulate the fintech industry, a government official revealed on Wednesday.

Speaking at the 41st plenary meeting of the Eurasian Group, Vivek Agrawal from the ministry of finance highlighted India's proactive stance on fintech regulation, emphasizing new RBI guidelines for payment gateways.

With a focus on maintaining growth and ease of business, India remains a leader in digital technology while requiring virtual asset service providers to register with the financial intelligence unit.

(With inputs from agencies.)