The Ministry of Finance (‘MoF’), by way of a Notification dated March 7, 2023, notified that the following activities when carried out for or on behalf of another natural or legal person in the course of business will be included in the category of ‘designated business or profession’: (i) exchange between virtual digital assets (‘VDAs’) (which will have the same meaning assigned to it under Section 2(47A) of the Income-tax Act, 1961) and fiat currencies; (ii) exchange between one or more forms of VDAs; (iii) transfer of VDAs; (iv) safekeeping or administration of VDAs or instruments enabling control over VDAs; and (v) participation in and provision of financial services related to an issuer’s offer and sale of a VDA. As a result, all persons carrying out the above activities have been brought under the ambit of ‘reporting entity’ for the purpose of the Prevention of Money Laundering Act, 2022 (‘PMLA’).