Virtual currencies face more oversight
3 years, 6 months ago

Virtual currencies face more oversight

China Daily  

China is expected to issue tougher measures to intensify the crackdown on illegal mining and trading of virtual currencies, after the central bank reinforced a ban on related services provided by financial institutions, experts said on Tuesday. Virtual currency speculation disrupts economic and financial order, increases the risks of illegal and criminal activities, such as illicit cross-border asset transfers and money laundering, and seriously infringes on the security of people's assets, according to the central bank statement. The central bank also urged financial institutions to investigate and identify accounts used in virtual currency exchanges and over-the-counter traders, and promptly cut payment channels for virtual currency trading. Yang Dong, executive dean of the Blockchain Institute of Renmin University of China, said the central bank is tightening regulations on virtual currencies, which are identified as crypto assets, instead of real currencies.

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Govt has no timeline for regulatory guidelines for Virtual Digital Assets
1 week ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

Live Mint  

New Delhi, December 16 : The government on Monday informed Lok Sabha that there is no anticipated timeline for the introduction of comprehensive regulatory guidelines for the Virtual Digital Assets industry in India. The government was asked by two members of Parliament whether it was taking steps to establish a comprehensive regulatory framework for the Virtual Digital Assets industry. The …

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained
1 month ago

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained

India TV News  

Amit intense poll battle in Maharashtra, just a day before crucial voting in the state assembly elections, the Bharatiya Janata Party alleged National Congress Party leader Supriya Sule and state Congress chief Nana Patole's involvement in a cryptocurrency fraud. The Reserve Bank of India too has been skeptical about the use of private crypto assets and considers it as a …

Virtual digital assets regulation in G20 countries: Towards a global governance framework
1 year, 3 months ago

Virtual digital assets regulation in G20 countries: Towards a global governance framework

Hindustan Times  

Statements made by public officials in certain G20 member-States as well commentaries by financial analysts suggest that emerging market economies stand on a different footing from developed counterparts in their regulation of virtual digital assets. This paper examines this notion by presenting a quantitative analysis of the positions taken by G20 member-countries on different facets of virtual digital assets regulation. …

Virtual digital assets: Lessons from global trends in regulation
1 year, 3 months ago

Virtual digital assets: Lessons from global trends in regulation

Live Mint  

Leading international organizations have recently produced policy notes on crypto-assets, also known as virtual digital assets as per the Finance Act of 2022. Given BIS's considerable influence, its observations are expected to significantly impact upcoming G20 discussions on virtual digital assets. BIS has outlined three high-level policy options concerning virtual digital assets in its recent paper: 1) an outright ban, …

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors
1 year, 9 months ago

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors

Live Mint  

Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under the ambit. Also, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets --- will be covered under the Act. Punit Agarwal, Founder of KoinX said, "The Government …

Centre Brings Crypto Transactions Under Money Laundering Laws
1 year, 9 months ago

Centre Brings Crypto Transactions Under Money Laundering Laws

News 18  

The Central government, in a new regulatory move, has bought a range of virtual digital asset transactions, including cryptocurrencies, under the ambit of the Prevention of Money Laundering Act 2002. Virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. “Exchange between virtual digital assets …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Money laundering laws will now cover cryptocurrency trade
1 year, 9 months ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

As of 2021, Over 50 Countries Have Bans on Cryptocurrency
2 years, 11 months ago

As of 2021, Over 50 Countries Have Bans on Cryptocurrency

News 18  

Cryptocurrencies gained extraordinary popularity in 2021. In May 2021, the Asian country decided to ban Chinese financial institutions from providing services relating to cryptocurrencies. According to the Law Library of Congress report of November 2021, 51 countries have taken the step of banning cryptocurrencies, either implicitly or absolutely. In its report, the Law Library of Congress lists 103 countries that …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years ago

Govt may not ban cryptocurrencies, regulation likely: Reports

India Today  

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders. Read | Cryptocurrency Bill: Raining on India's crypto parade A few days ago, Finance Minister Nirmala …

Regulation, not ban: on cryptocurrencies
3 years ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

China says all crypto transactions illegal; Bitcoin tumbles
3 years, 2 months ago

China says all crypto transactions illegal; Bitcoin tumbles

Associated Press  

BEIJING — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website. Promoters of cryptocurrencies say they allow anonymity and flexibility, but …

RBI's De Minimis Regulatory Safeguards: Inherent Enigma Surrounding Regulation of Cryptocurrencies
3 years, 5 months ago

RBI's De Minimis Regulatory Safeguards: Inherent Enigma Surrounding Regulation of Cryptocurrencies

Live Law  

Prolegomenon to the epoch of Decentralized currencies: The emergence of Virtual Currencies saw dawn of the day soon after economy was in doldrums following a complete collapse done by financial crisis of 2008. Perhaps, if these currencies imperil the financial system of any country then there may be a possibility of certain safeguards suggested by its central bank to be …

Experts back govt's hard line on cryptocurrencies
3 years, 7 months ago

Experts back govt's hard line on cryptocurrencies

China Daily  

Chinese regulators have long seen cryptocurrencies, including Bitcoin and Ethereum, as crypto assets, instead of real currencies. China should maintain its hard line on controlling virtual currencies to prevent wild speculation that may cause major financial losses to investors, according to experts. Financial institutions, including online payment platforms, should not offer clients any service involving cryptocurrencies such as registration, trading …

Virtual currencies pose a real threat
3 years, 7 months ago

Virtual currencies pose a real threat

China Daily  

The China Banking Association together with the National Internet Finance Association of China issued a notice on Tuesday forbidding financial companies and payment-service providers from running virtual currency-related businesses. The notice said virtual currencies have no real value support and their prices can be easily manipulated, creating bubbles and false assets leading to business failures. Unregulated growth of a virtual …

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings
3 years, 8 months ago

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings

India Today  

Indian government has made its first move to regulate bitcoin and other cryptocurrency by making it mandatory for all companies in the country to disclose their dealings in virtual currency in their balance sheets. The move will boost institutional adoption of crypto assets in India and will take Indian crypto industry to the next phase of growth,” Shivam Thakral, CEO, …

Government plans to introduce law to ban cryptocurrency trading: Report
4 years, 3 months ago

Government plans to introduce law to ban cryptocurrency trading: Report

Live Mint  

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market. The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency. …

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