India has stepped up its oversight of the cryptocurrency sector, directing exchanges to restrict transactions involving privacy-focused digital tokens, as authorities seek to curb money laundering and illicit financial activity. 🔥🔥🔥🔥💥💥🚨🚨

The move comes after the Financial Intelligence Unit – India (FIU-IND) issued updated guidance to crypto platforms, asking them to halt deposits, withdrawals, and trading of so-called anonymity-enhancing crypto tokens. These assets are designed to hide transaction details and user identities, making them difficult for regulators to track.