The Indian The government has provided updates on its cryptocurrency bill, and also on investigations of cryptocurrency exchanges in the Lok SabhaThe lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to avoid regulatory arbitrage,” At the ceremony, the minister of State said Finance Ministry.
Indian Government Addresses Questions About Cryptocurrency Legislation And Regulation
The Indian The government has answered Monday Two sets of questions from different members about cryptocurrency regulation and how it is regulated Lok SabhaThe lower house of India’s parliament.
Member Of Parliament Bhartruhari Mahtab – The finance minister was asked to indicate “the current status of the cryptocurrency bill, which was due to be introduced during the winter 2021 session of Parliament” “the time frame within which the cryptocurrency bill would be introduced.” Cryptocurrency law will soon be available for public contributions.
Pankaj Chaudhary, Minister Of State At the Ministry Of Finance, without defining a time frame:
Crypto Assets are by definition global and require international collaboration in order to avoid regulatory arbitrage. ThereforeAny legislation on the subject will not be effective if there is significant international cooperation in assessing the risks and benefits, and developing common taxonomies.
Mahtab Further, I asked the finance minister for details on which ministry or department would regulate crypto tokens and cryptocurrencies, as well as which other types of regulations. “virtual digital assets” These include non-fungible tokens, decentralized apps (dApps), tokens for real estate and other crypto-based assets.
Chaudhary Simply replied:
CurrentlyThe policy regarding crypto assets and related ecosystems is with Ministry Of Finance.
MPs also demand information on crypto exchanges being investigated
Another A set of questions is asked by several other members. “the details of crypto exchanges that are being investigated by the government for cases of money laundering and tax evasion.”
Chaudhary It was explained that Enforcement Directorate (ED) “is investigating several cases related to crypto frauds in which some crypto exchanges have also been found to be involved in money laundering.” The Minister explained that the minister stated that as of December 14:
Proceeds Worth it Rs. Rs 907.48 crore was seized. Three people were arrested, and four others were detained. Prosecution Complaints These have been filed with Special CourtThese cases are handled by the PMLA.
FurthermoreUnder the Foreign Exchange Management Act 1999 (FEMA), assets Rs. Rs 289,684 crore (35,046,152 USD) was seized. In In addition, Notice To Show Cause a similar issue was also published Zanmai LabsThe, which is the Wazirx Crypto exchange and its principal under FEMA transactions involving Rs. 2,790.74 crores.
The Minister also stated that 12 cryptocurrency exchanges were being investigated in order to evade the law. Goods Services Tax (GST). So far, Rs 110.97 Crores has been recovered including interest, penalties and other costs. In Eight additional cases are currently being investigated, and four have been closed. He Provided Lok Sabha Below is the table: