Indian government provides latest information on cryptocurrencies The bill and investigation of cryptocurrency exchanges in Lok Sabha, the lower house of the Indian parliament. “Crypto assets are borderless by definition and require international cooperation to prevent regulatory arbitrage,” said the Finance Minister.
Government of India Answers Questions on Crypto Bill and Regulations
You have answered two questions. parliament.
MP Bartol Hari Matav tells the Finance Minister the “current status of the cryptocurrency bill that was due to be presented to the 2021 Winter Parliament” and the “timeframe for parliamentary approval”. I asked. A cryptocurrency bill will be submitted and then published. ”
His Pankaj Chaudhary, Minister of State for the Ministry of Finance, responded without providing a specific timeframe: Therefore, legislation on this subject will only be effective through significant international cooperation on risk-benefit assessments and the evolution of common taxonomies and standards.
Mahtab further instructed the Finance Minister which ministries and/or departments regulate cryptocurrencies and crypto-tokens and other types of “virtual digital assets” such as non-fungible tokens. We asked them to state whether they will use (NFTs), decentralized applications (dApps), real estate tokens, and other blockchain-based assets.
Chaudhary simply replied:
Currently, policies regarding crypto assets and related ecosystems reside with the Ministry of Finance.
MPs also ask for details of cryptocurrency exchanges under investigation
Another set of questions by several other MPs demanded: ing. Money laundering and tax evasion cases.
Chaudhary said the Enforcement Department (ED) was “investigating several cases related to cryptocurrency fraud and that several cryptocurrency exchanges were involved in money laundering.” It has become clear,” he said. The Minister explained as of December 14th:
criminal proceeds worth Rs. In these cases, 907.48 crores were attached/seized, 3 persons were arrested and 4 indictments were filed with the Special Court PMLA.
In addition, Rs. 289.68 kroner ($35,046,152) was seized under the Foreign Exchange Management Act, 1999 (FEMA). Additionally, one of his Show Cause Notices was issued to his Zanmai Labs, which operates the cryptocurrency exchange Wazirx, and its director under his FEMA for transactions involving crypto assets worth Rs. 2,790.74 Kroner.
The Minister added that he has 12 cryptocurrency exchanges under investigation to avoid the Goods and Services Tax (GST). So far he has recovered Rs 11.097 crore including interest and penalties. In addition, eight cases are under further investigation and four cases have been closed. He provided his Lok Sabha with the following table:
Chaudhary also clarified:
Currently, crypto assets are not regulated in India. The government has not registered any cryptocurrency exchanges.
India’s Finance Minister Nirmala Sitharaman said in October that the government will discuss cryptocurrency regulation with G20 countries and establish a “technology-driven regulatory framework” for cryptocurrencies. said. India’s Economic Secretary Ajay Seth said last week that G20 countries are aiming to build a policy consensus on crypto-assets for better global regulation. Last month, US Treasury Secretary Janet Yellen and Sitalaman discussed cryptocurrency regulation at the 9th India-US Summit. Economic and Financial Partnership Conference.
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