{"id":206738,"date":"2021-12-03T12:00:41","date_gmt":"2021-12-03T12:00:41","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=206738"},"modified":"2021-12-03T09:25:42","modified_gmt":"2021-12-03T09:25:42","slug":"india-may-disallow-indians-from-trading-crypto-on-foreign-exchanges","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/india-may-disallow-indians-from-trading-crypto-on-foreign-exchanges\/","title":{"rendered":"India may disallow Indians from trading crypto on foreign exchanges"},"content":{"rendered":"

A recent cabinet note shared by the government of India states the new crypto <\/span>bill<\/span><\/a> will be regulated by the Securities and Exchange Board of India (SEBI). It labels cryptocurrencies as crypto-assets\u201d and might restrict Indians from trading cryptos on foreign platforms.\u00a0<\/span><\/p>\n

As per <\/span>NDTV<\/span><\/i><\/a>, the cabinet note circulated suggests that a cut-off date will be declared for crypto holders in India, allowing them to disclose their holdings and bring them under locally-regulated crypto exchanges.<\/span><\/p>\n

India may restrict crypto trading on foreign exchanges<\/b>\u00a0<\/span><\/h2>\n

The new cabinet documents also notify that SEBI will keep a close watch on the cryptocurrency advancement in India. Crypto holders in India are said to be relieved, but further clarification is awaited since the bill is yet to be tabled in the parliament.\u00a0<\/span><\/p>\n

Among the various litigations proposed are penalizing the violation of clauses to be met with strict punishment\u2014including imprisonment for one and a half years\u2014followed by a heavy penalty of upto Rs.5 crores ($667,500). NDTV also reports that violations involving sponsoring terror crimes will be evaluated under provisions of the Prevention of Money Laundering Act.<\/span><\/p>\n

According to local publication <\/span>Livemint<\/span><\/i><\/a>, India is home to more than 10 million crypto investors and its citizens are rapidly showing interest in cryptocurrency trading. WazirX, one of India's largest crypto exchanges by trading volumes, has recently <\/span>reported<\/span><\/a> increased user activity on its platform.<\/span><\/p>\n

India's crypto concerns<\/b><\/h2>\n

Indian Finance Minister Nirmala Sitharaman had earlier expressed her qualms on cryptocurrency trading in India, such as the possibility of increased fraudulent activities.<\/span><\/p>\n

\n

This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI&SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha pic.twitter.com\/WwopPdBQHg<\/a><\/p>\n

— ANI (@ANI) November 30, 2021<\/a><\/p><\/blockquote>\n