Where we can see a bill being passed in the lower house of the parliament i.n. Lok Sabha which was proposed on Monday by various members of the Lok Sabha regarding the crypto currency and its regulation in the form of a set of questions I was there to be answered.
Member of Parliament Bhartrihari Mahtab spoke to the Finance Minister about the present status of the currency bill which was introduced during 2021 and the time frame within which this bill will be introduced and later such public will be sought for the opinion of
Pankaj Chowdhary, Minister of State in the Ministry of Finance, replied without providing a specific time frame, saying that crypto assets fall outside the limit and called for international cooperation to prevent regulatory arbitrage. We can see that therefore any law on this subject can be passed and run effectively only through international cooperation based on risk and benefit assessment and standards and development. Mahtab asked the finance minister to tell which is the department and ministry that would propose a regulator for cryptocurrencies and which ministry would be able to act accordingly, so definitely non-fungible tokens (NFTs), decentralised applications. (DApps), real estate tokens, and other blockchain-based asset classes, Chowdhury’s statement was that currently all these rights are within the policy of the Ministry of Finance and are counted within it and many other laws of Parliament. These exchanges were detailed through a set of questions by the members. Chowdhary explains that arrest cases are being investigated and exchanges are also involved in money laundering and according to them the investigation process is done under the Department of Justice. .
According to Chowdhary, the Enforcement Directorate i.e. CD Phir toh investigates many cases related to fraud and of course Rs 907.48 crore has been attached/seized in these cases, while the other three people have also been arrested and given special custody. Before the court, four prosecution complaints have been filed before the PMLA.
Further, under the Foreign Exchange Management Act 1999 (FEMA), assets of Rs. 289.68 crore ($35,046,152) have been seized. Certainly according to the minister 12 crypto currency and exchanges were investigated for evading GST and so far Rs 110.97 crore including interest and penalty have been recovered and in addition eight cases are under investigation while four The cases are closed and the minister says that crypto assets are still unregulated in India, not in a state of registration as per the government’s aspirations, that’s why it’s taking so long, and that’s why there’s no sign yet of crypto currency being regulated. Also the purpose has not been clarified by the banks.
India’s Finance Minister Nirmala Sitharaman has definitely had a public discussion with countries at the G20 conference and is considering creating a regulator on cryptocurrencies which will definitely see its services as a benefit and a The framework will be developed where discussions on its regulation are underway and according to India’s Economic Affairs Secretary Ajay Seth, the winning goal is definitely to improve the country and make crypto assets an agreeable policy for the global level. Last month, under the 9th Indian American Economy and Strategy by US Treasury Secretary Janet Yellen and Sitharaman, all these partnership meetings and regulations were being discussed and definitely we can say that this type of regulation is a major threat to the government. A new milestone will be achieved and India’s position on the classification of crypto assets and its regulatory regulation will be more clear.