Indian Government Updates Parliament on Cryptocurrency Bill and … – Bitcoin News

Indian Government Updates Parliament on Cryptocurrency Bill and … – Bitcoin News

Blockchain Crypto Market Technology
December 22, 2022 by Coinvasity
28
by Kevin Helms The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance.The Indian government
wp-header-logo-345.png

by Kevin Helms
The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance.
The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament.
Parliament member Bhartruhari Mahtab asked the minister of finance to state “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and “the timeframe within which the cryptocurrency bill would be tabled and subsequently be open for public inputs.”
Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providing a specific timeframe:
Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
Mahtab further asked the finance minister to state which ministry and/or department would regulate cryptocurrencies and crypto tokens, and which would regulate other types of “virtual digital assets,” such as non-fungible tokens (NFTs), decentralized applications (dApps), real estate tokens, and other blockchain-based assets.
Chaudhary simply replied:
Currently, policy related to crypto assets and related ecosystem is with the Ministry of Finance.
Another set of questions by several other parliament members requests “the details of crypto exchanges which are under investigation by the government for money laundering and tax evasion cases.”
Chaudhary explained that the Enforcement Directorate (ED) “is investigating several cases related to crypto frauds wherein a few crypto exchanges have also been found involved in money laundering.” The minister explained that as of Dec. 14:
Proceeds of crime amounting to Rs. 907.48 crores have been attached/seized, three persons have been arrested and four Prosecution Complaints have been filed before the Special Court, PMLA, in these cases.
Furthermore, under the Foreign Exchange Management Act 1999 (FEMA), assets amounting to Rs. 289.68 crores ($35,046,152) have been seized. In addition, one Show Cause Notice has also been issued to Zanmai Labs, which operates crypto exchange Wazirx, and its director under FEMA for transactions involving crypto assets worth Rs. 2,790.74 crores.
The minister added that 12 cryptocurrency exchanges have been investigated for evading Goods and Services Tax (GST). So far, 110.97 crore rupees, including interest and penalties, have been recovered. Moreover, eight cases are under further investigation and four cases have been closed. He provided Lok Sabha with the table below:
Chaudhary also clarified:
Currently, crypto assets are unregulated in India. The government does not register crypto exchanges.
India’s finance minister, Nirmala Sitharaman, said in October that the government plans to discuss crypto regulation with the G20 countries to establish “a technology-driven regulatory framework” for crypto. Ajay Seth, India’s economic affairs secretary, said last week that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Last month, U.S. Treasury Secretary Janet Yellen and Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting.
What do you think about the Indian government’s approach to cryptocurrency? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.
Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn’t Be Surprised if Stocks Fell 40%
The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly … read more.

Check all the news here

source

Add a comment