As per the reports published by Bloomberg, the authorities are looking into the classification of cryptocurrencies as a financial asset, it is being considered appointing capital markets regulators to oversee them.
The government plans to introduce legislation in the ongoing parliament session, which might give crypto holders a deadline to declare their assets and meet any new rules as per the sources of Bloomberg. The previous bill that banned all private cryptocurrencies was revoked by the Finance Minister.
The bill is expected to use the term ‘crypto assets’ rather than ‘cryptocurrencies.’ The crypto market has grown by 641% from June onwards according to the data with Bloomberg. Any violators of the expected bill could be fined as much as 200 million rupees ($2.7 million) or imprisoned for 1.5 years. The government may also prescribe a minimum limit for investing in crypto assets to safeguard small investors.
A meeting was held earlier this week where there was a discussion regarding unregulated crypto markets that can’t be allowed to become avenues for money laundering and terror financing. But the official statements are awaited and the bill is expected to be presented soon.
