India’s crypto sector has been on its own, with news like a complete ban looming around every now and then. Binance has joined the country’s top internet association (IAMAI) in a bid to join the fight to legitimize the industry with its reach and resources. One of world’s largest Cryptocurrency exchange Binance has has joined the crypto-asset exchange committee at the Internet and Mobile Association of India [IAMAI], the association…
Posts tagged as “regulations”
Update: The hearing has ended on August 14, the case will further be heard on August 20, 2019. Today arguments continued from IAMAI’s counsel. We may hear RBI’s side in the next hearing. Supreme Court of India will continue to hear the RBI vs Crypto matter today. Last week, IAMAI’s counsel made cogent arguments against the RBI Diktat from April 2018. Central Bank’s Counsel may rebuttal today. Battle For Banking…
IT Industry body Nasscom (National Association of Software and Services Companies) has opposed the recent proposal for banning cryptocurrencies in India, saying it is “not a solution” and “regulatory framework must be developed”. An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg on July 22 submitted the report and the draft bill on banning of cryptocurrencies and regulating official digital currencies in India. Crypto community was taken aback…
In Rajyasabha, Minister of State to Ministry of Finance Anurag Singh Thakur answered “No” to a question whether Government has prohibited crypto currency in India. It has been a roller coaster ride for Indian Crypto community this past week that started with the leak of the alleged draft of a bill for banning cryptocurrencies. However, Crypto lovers in the country can now calm down given that a minister in the…
A lot of stress is going around in the Indian crypto space lately, mainly due to lack of proper communication from the government. Also, due to negative news about the possible ban. Before jumping directly on to the technical part of building and managing a crypto currency exchange in India, one must understand the actual regulatory stress for the founders of such a business. We must not forget that in…
Another one bites the dust. Koinex, once the largest crypto exchange in India, shut its doors today. Of course Koinex is sitting on a cash pile from investors and with a staff of over 60 people won’t just stop the business altogether, but we will come to that later. Koinex users have until July 15 09:00 PM to withdraw their crypto from the exchange. The INR balances on Koinex will…
In a meeting held on Jan 24, 2019 the IEPF authority with DEA, CBDT, CBIC and MCA, unanimously decided "Department of Revenue and Department of Economic Affairs may immediately take steps to completely ban sale, purchase and issuance of all forms and types of cryptocurrencies".
The cryptocurrency Ban and the 10-year jail saga is far from over. Atleast, until news portals like BloombergQuint keep on dishing the whole draft in portions to us. Today’s BQ report says “The Ministry of Corporate Affairs has sought action against those running cryptocurrency Ponzi schemes under the anti-money laundering act until a new law banning the digital tokens is implemented, a senior government official aware of the development told…
Yesterday, a hot-headlined article spread like wildfire in the traditional media claiming that holding and trading in cryptocurrencies could land people in jail for 10 years. It is yet to be confirmed by any source from the government but the article portrays it to be official. Garg Committee has yet to release any official draft or statement. According to this draft bill, holding, mining, and trading of cryptocurrencies could be…
Barely a few days after a refusal from government to answer questions about a Cryptocurrency regulation bill, a new report now claims to have seen the draft bill known as “Banning of Cryptocurrencies and Regulation of Official Digital Currency Bill 2019”. The Draft Bill proposes a penalty along with a jail term of up to 10 years, for those who “mine, generate, hold, sell, transfer, dispose, issue or deal in…