- Oct 25, 2021
- Reaction score
Proposed Rules in Indian Crypto Bill
As a cryptocurrency bill awaits to be
The proposed legislation also states that the rules will be “cognizable.” Violators may be arrested without a warrant and held without bail, the news outlet detailed, quoting the summary of the bill:
The Indian government is planning a ‘general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing’ in digital currencies as a ‘medium of exchange, store of value and a unit of account.’
While cryptocurrency will not be legal tender in India, like it is in
According to the source, self-custodial wallets will likely be banned. However, this may prove to be difficult as explained by the CEO of a major Indian cryptocurrency exchange. He recently described
The Indian government is also planning to set a deadline to allow investors to declare their cryptocurrencies and comply with the new rules, Bloomberg reported Tuesday, citing people familiar with the matter.
Moreover, The Economic Times reported Wednesday that the proposed cryptocurrency legislation will require crypto exchanges to share their know-your-customer (KYC) data with regulators and government agencies, including the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the income tax department.
The crypto bill will also call for a uniform KYC process for all crypto exchanges, the news outlet added, noting that exchange platforms currently have their own procedures.
Regarding crypto taxation, the government is planning to add cryptocurrency to Section 26A of the Income Tax Act in the upcoming budget, the publication conveyed, noting that this will “necessitate taxpayers to reveal their cryptocurrency investments both in India and abroad.”
Last week, NDTV reported that it has seen the government’s cabinet note which names SEBI as the
What do you think about the crypto regulation India has reportedly proposed? Let us know in the comments section below.