indian cryptocurrency regulation – DIGIT INFO

India Brings Crypto Transactions Under Prevention of Money Laundering Act

DIGIT — Sat, 11 Mar 2023 03:30:27 +0000

India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India […]

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India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy

DIGIT — Sun, 26 Feb 2023 03:00:32 +0000

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s […]

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India to Introduce Measures Around Crypto This Year, Says Government Official

DIGIT — Mon, 06 Feb 2023 03:00:16 +0000

The Indian government is planning to introduce “measures around crypto” this year, according to the country’s Economic Affairs Secretary Ajay Seth. India’s finance minister says cryptocurrency regulation will be discussed in her upcoming G20 meeting of finance ministers and central bank governors. India Could Introduce Crypto Measures This Year India’s Economic Affairs Secretary Ajay Seth […]

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G20 Countries to Build Crypto Policy Consensus for Better Global Regulation

DIGIT — Sun, 18 Dec 2022 03:00:49 +0000

The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath. G20 Nations Discuss Crypto Regulation The G20 finance […]

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India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report

DIGIT — Wed, 21 Sep 2022 03:30:47 +0000

The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrency by the first quarter of next year in order to become Financial Action Task Force (FATF) compliant. “We will finalize our responses by February-March 2023. We have to respond to the FATF by May,” a government official said. India Finalizing […]

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India’s Central Bank Governor Warns Crypto Market May Crash and Small Investors Will Lose Money

DIGIT — Fri, 26 Aug 2022 03:30:17 +0000

RBI Governor Shaktikanta Das has warned that the crypto market may crash and small investors will lose money. He added that the central bank believes that its warnings have deterred many people from investing in cryptocurrencies. RBI Governor’s Crypto Warnings The governor of the Indian central bank, the Reserve Bank of India (RBI), Shaktikanta Das, […]

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Indian Regulator: Crypto’s Decentralized Nature Makes Regulation Challenging

DIGIT — Wed, 08 Jun 2022 05:00:14 +0000

India’s market regulator, the Securities and Exchange Board of India (SEBI), says the decentralized nature of crypto assets makes consumer protection and regulatory enforcement challenging. SEBI on Crypto Regulation The Securities and Exchange Board of India (SEBI) reportedly told the Parliamentary Standing Committee on Finance that the decentralized nature of crypto assets makes any consumer […]

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India’s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister

DIGIT — Fri, 29 Apr 2022 03:30:47 +0000

Indian Finance Minister Nirmala Sitharaman says that the country’s crypto policy will not be rushed. “Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it,” she added. Finance Minister on Indian Crypto Regulation India’s finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat […]

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Indian Parliament Member Insists Crypto Is Like Gambling — Wants to Tax at 50%

DIGIT — Thu, 07 Apr 2022 03:30:11 +0000

An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. “We need to discourage and disincentivize” trading and investing in the asset class, he stressed. Indian Parliament Member Wants to Tax Crypto at 50% Indian parliament member Sushil Kumar Modi shared his view on […]

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RBI Crypto: Indian Government Says Central Bank Has No Plan to Issue Cryptocurrency

DIGIT — Thu, 17 Mar 2022 03:00:13 +0000

The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India’s central bank digital currency (CBDC), that the RBI will launch this financial year, is “a digital version of traditional paper […]

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