Market

Cryptocurrencies can be regulated in India as “crypto assets” and are restricted from trading on foreign platforms

A cabinet note recently shared by the Indian government said the new cryptocurrency law will be regulated by the Securities and Exchange Commission of India (SEBI). It refers to cryptocurrencies as “crypto assets” and Indians can be restricted from trading crypto on foreign platforms.

According to NDTV, the deadline for reporting holdings and transferring them to locally regulated crypto exchanges for Indian holders will be announced shortly.

Limit trading in cryptocurrencies on foreign exchanges

The new documents also announce that SEBI will closely monitor the progress of cryptocurrencies in the country. Hodler India is said to be relieved, but is waiting for more certainty as the bill has yet to be submitted to parliament.

In relation to the proposed lawsuit, violations of the regulations will result in a severe penalty – including 1.5 years’ imprisonment or a civil penalty of up to 5 rupees ($ 667,500). NDTV also reported that violations related to the financing of terrorist offenses will be judged under the provisions of the Anti-Money Laundering Act.

According to local publication Livemint, India is home to over 10 million crypto investors and its population is showing increasing interest in crypto trading. WazirX, one of India’s largest exchanges by trading volume, recently reported increased user activity on their platform.

Indian Finance Minister Nirmala Sitharaman previously raised concerns about domestic cryptocurrency trading, such as the potential for increased fraudulent activity.

A tweet from Prime Minister Narendra Modi on November 18 also sparked speculation about a “ban” after calling for young people to be protected from “corruption” by crypto.

India is also preparing to take responsive measures to curb misleading crypto advertising, however, the government has yet to announce a specific decision highlighting such measures.


Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.