India Brings Crypto Transactions Under Prevention of Money Laundering Act

March 11, 2023 Bitcoin.com

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India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India […]

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India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy

February 26, 2023 Bitcoin.com

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India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s […]

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Indian Finance Minister Pushes for International Cooperation on Crypto Regulation — Discusses Awareness Campaign

February 23, 2023 Bitcoin.com

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Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign India’s finance minister, Nirmala Sitharaman, […]

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Indian Government Introduces New Crypto Tax Penalties

February 2, 2023 Bitcoin.com

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The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS). Much to the disappointment of the crypto community, Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year. Crypto income remains taxed at 30% while TDS stays at 1%. No Crypto Tax […]

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India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’

February 1, 2023 Bitcoin.com

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India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated. Finance Ministry’s […]

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Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official

January 21, 2023 Bitcoin.com

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An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto Indian government official Rajeev Chandrasekhar talked […]

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Indian Finance Minister Asks Crypto Investors to Exercise Caution as Authorities Investigate Exchanges

August 16, 2022 Bitcoin.com

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India’s finance minister has cautioned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms. Indian Finance Minister Cautions About Crypto Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrency Saturday at an event organized by the BJP Economic Cell. She cautioned […]

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Indian Finance Minister: Crypto Ban, Regulation Effective Only With Significant International Collaboration

July 19, 2022 Bitcoin.com

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India’s finance minister has informed parliament that the central bank, the Reserve Bank of India (RBI), wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.” Indian Finance Minister on Crypto Ban and Regulation Indian Finance Minister Nirmala Sitharaman answered some […]

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Indian Government Finalizing Crypto Consultation Paper — ‘We Are Looking at a Global Paradigm on Digital Assets’

May 31, 2022 Bitcoin.com

Ajay Seth

India’s economic affairs secretary has reportedly revealed that the government’s consultation paper on cryptocurrency is “fairly ready.” He explained that the Indian government is looking at “a global paradigm on digital assets,” emphasizing that “There has to be a broad framework on which all economies have to be together.” Economic Affairs Secretary Ajay Seth on […]

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Indian Parliament Member Asks Government to Tax Crypto Income More Than 30%

March 29, 2022 Bitcoin.com

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An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto. Indian Parliament Member Wants to […]

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