How India’s new AML rule affect crypto/defi users and devs?

So I just heard that India recently published a new anti-money laundering (AML) rule that requires crypto users and service providers to comply with certain regulations and reporting obligations. This rule is supposed to prevent money laundering and terrorism financing using crypto, but I think this kind raises some questions in terms of the crypto space in India.

Kinda curious to see how this rule will affect DeFi users and developers in India. It kinda feels like India the Indian government is keen to maintain control over their finances. My only wish is that they would use the money they get to at least improve the living standards of their people. But at the same time this could also mean good since it will also be regulated. I don’t know really. What do you guys think.

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