Report – Regulation Bitcoin News

The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrencies by the first quarter of next year. to become compliant with the Financial Action Task Force (FATF). “We will finalize our responses by February to March 2023. We must respond to the FATF by May,” said a government official.

India perfects its crypto stance

The Indian government is finalizing its stance on the legality of cryptocurrencies to submit its response to the Financial Action Task Force (FATF) on the country’s “general assessment” earlier this year. 2023, Business Today reported on Monday.

“The Department of Revenue has submitted their views and the Ministry of Economy is now tasked with preparing a detailed response on India’s stance on the legality of cryptocurrencies,” a government official was quoted as saying. know.

The FATF’s joint assessments are “in-depth country reports analyzing the implementation and effectiveness of measures against money laundering and terrorist financing,” details the organization’s website.

The government official further told the publication:

One of the questions that we have to answer is about the legality of cryptocurrencies, as we have already started taxing them. We will finalize our responses by February to March 2023. We must respond to FATF by May.

In addition, a report by the Financial Stability Board (FSB) is expected to be made in October. It will help the Indian government decide whether to ban cryptocurrency trading or provide a framework. legislation to handle cryptocurrency commerce in India, Outlook India reported on Monday, citing a senior government official.

The official is quoted as saying:

We are waiting for the report (FSB) which will be important from a crypto regulatory point of view. We also hope it addresses how to deal with (cryptocurrency) wallet transfers.

“We will look into whether wallet transfers should be banned depending on what the report suggests. The legal part is still being worked on. When we taxed it (in Budget 2022), we made it clear that legislation was still in progress. This report will help address the legal aspect to a considerable extent,” the official added.

India is currently not FATF compliant on crypto assets as the global anti-money laundering and terrorist financing watchdog requires countries to take a clear stance on the legality of crypto assets. follow.

Indian Finance Minister Nirmala Sitharaman recently chaired a meeting of the Financial Stability and Development Council (FSDC), where issues related to crypto assets were discussed. The Council emphasized the urgent need for a clear consensus on the legitimacy of cryptocurrencies.

The Finance Minister also recently had a meeting with the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, where she called on the IMF to take the main role in regulating crypto assets.

Do you think India will ban cryptocurrencies? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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