As many as 28 virtual digital asset (VDA) or crypto service providers have registered with India’s Financial Intelligence Unit (FIU). In March this year, India’s finance ministry stipulated that cryptocurrency businesses must register with India’s anti-money laundering agency, the Financial Intelligence Unit (FIU), and comply with other processes stipulated in the Prevention of Money Laundering Act (PMLA).
The response from the Indian Ministry of Finance also revealed that "the guidelines and reporting requirements apply to offshore cryptocurrency exchanges servicing the Indian market" and that "appropriate actions under the PMLA" will be taken against non-compliant offshore platforms. (Coindesk)