The Indian government on Monday provided Parliament with clarity regarding its cryptocurrency bill as well as the status of investigations into crypto exchanges.
The government of India has provided information to various members of Lok Sabha, the lower house of India’s parliament, on its plans to regulate cryptocurrencies as well as investigations into crypto exchanges, according to reports by Bitcoin.com.
Government Provides Updates on its Crypto Bill and Regulatory Plans
Parliament member Bhartruhari Mahtab asked the Minister of Finance to indicate “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and the expected timeframe within which the crypto bill would be tabled and be open to public input.
Without providing a specific timeframe, Pankaj Chaudhary, minister of state in the Ministry of Finance, replied:
Kripto turtas iš esmės yra be sienų ir reikalauja tarptautinio bendradarbiavimo, kad būtų išvengta reguliavimo arbitražo. Todėl bet kokie teisės aktai šiuo klausimu gali būti veiksmingi tik esant reikšmingam tarptautiniam bendradarbiavimui vertinant riziką ir naudą bei bendros taksonomijos ir standartų raidą.
The Finance Minister was asked to state which ministry and/or department would be responsible for regulating cryptocurrencies and tokens. Chaudhary was also asked which department would regulate other forms of “virtual digital assets,” including NFTs, decentralised applications (dApps), real estate tokens, and other blockchain-based assets, to which he responded:
Šiuo metu politika, susijusi su kriptovaliutų turtu ir susijusia ekosistema, priklauso Finansų ministerijai.
Details Regarding Crypto Exchanges Under Investigation Also Sought
Members of parliament also requested “the details of crypto exchanges which are under investigation by the government for money laundering and tax evasion cases.”
Minister Chaudhary explained to Parliament that India’s Enforcement Directorate (ED) is currently investigating numerous cases related to cryptocurrency fraud in which some exchanges have also been found to be involved in money laundering. He explained that as of December 14:
Lt iš nusikalstamos veikos gautos pajamos. Šiose bylose buvo areštuota / areštuota 907.48 mln. eurų, suimti trys asmenys, o Specialiajam teismui, PMLA, pateikti keturi prokuratūros skundai.
It was also revealed that under the Foreign Exchange Management Act 1999 (FEMA), assets to the value of $35,046,152 have been seized to date. Chaudhary added that 12 crypto exchanges have been investigated for evading Goods and Services Tax. A further investigation is also ongoing that involves eight cases, and an additional four cases have been closed on payment in which interest and penalties were levied.
Indijos požiūris į kriptovaliutas
Minister Chaudhary also made it clear:
Šiuo metu kriptovaliutų turtas Indijoje nereguliuojamas. Vyriausybė neregistruoja kriptovaliutų biržų.
Although cryptocurrencies are extremely popular in the country, India’s Reserve Bank (RBI) is seeking a total ban on cryptocurrencies. The country has been vocal on its stance regarding crypto assets and maintains that they should be prohibited given their potential to threaten the country’s financial stability. The industry has been stifled since a 30% capital gains tax was imposed by union finance minister Nirmala Sitharaman in March. Under this tax structure, citizens trading in crypto is to pay a capital gains tax of 30% on their cryptocurrencies. Additionally, they will have to pay a 1% tax deducted at source on every transaction. India and its Reserve Bank may be against cryptocurrencies as such but have embraced the blockchain technology that underlies it by launching a skaitmeninė rupija pilotas.
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Source: https://cryptodaily.co.uk/2022/12/indian-government-updates-parliament-on-crypto-related-matters