Onmeta becomes the first Fiat On Ramp Solution in India to register with FIU, leading the way in Regulatory Compliance
Jul 26, 2023
Onmeta, India’s leading fiat on-ramp & off-ramp solution provider, has become the first such solution in India to register with the Financial Intelligence Unit (FIU) of the Finance Ministry of the Government of India. In March this year, the Government of India brought digital assets under PMLA which included crypto businesses to register with the FIU and was widely perceived as a major step towards regulating the sector.
As mandated by the amendments to the PMLA, Onmeta already has a robust yet breezy one-time KYC process. It has also established a comprehensive AML policy including Sanctions screening that identifies and reports suspicious transactions promptly and proactively to the FIU. It also does comprehensive client due diligence and maintains all the relevant information up-to-date and accurate.
Commenting on the development Bharath T, CoFounder at Onmeta, said “We're thrilled to announce Onmeta's registration under FIU, highlighting our commitment to compliance and trust in the VDA sector. We extend our sincere appreciation to the Indian government for their invaluable support in fostering a regulated environment that promotes innovation and industry growth.”
As a pioneer in the fiat-to-crypto On-Ramp & Off-Ramp space, Onmeta has relentlessly focused on simplifying the crypto buying/selling experience for the masses and making the best of the global web3 products accessible to Indian users. As India's crypto industry evolves with the introduction of such pragmatic regulations, Onmeta aims to lead the way in adhering to these new norms and fostering a secure crypto landscape. This latest development should go a long way in instilling confidence in the potential of the Indian crypto ecosystem and encourage more companies to build for India.
Founded in April 2022, Onmeta provides enterprise on-ramp and off-ramp solutions (API/widget integration) for India & SEA to web3 companies to help them improve their user experience and accelerate their adoption by mainstream users. It supports local payment methods like UPI and bank transfers in India. It supports 7000+ tokens across 16 blockchains like Ethereum, Polygon, Solana, BSC, Tron, Arbitrum, Immutable, zkSync etc and processes payments instantly in 60 seconds. Onmeta has raised USD 1.5M in equity funding from Skycatcher Fund, GSF Fund, and Luno Expeditions and includes Ledger Wallet, Chingari, Blade Wallet, Sequence Wallet & Crazy Defense Heroes among the 100+ clients it serves.
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