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HomeCrypto NewsMarketIndia Looking To Classify Crypto As Financial Assets, All Crypto Holders Must Declare Their Holdings Or Face Fines

India Looking To Classify Crypto As Financial Assets, All Crypto Holders Must Declare Their Holdings Or Face Fines

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India is considering appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter told Bloomberg, as authorities look to classify crypto as financial assets.



According to Bloomberg, the new bill will give crypto holders a deadline to declare their digital assets holdings and meet any new rules. The bill is likely to use the term ‘crypto assets rather than ‘cryptocurrencies,’ and won’t refer to the central bank’s plan to create its own digital currency.

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Violators can face a fine of up to 200 million rupees ($ 2.6 million) or imprisonment for up to one and a half years.

Bloomberg also claims that the authorities are considering setting a minimum threshold for investment in digital assets to protect small investors.

Earlier, the media reported that citizens of India would be obliged to disclose information about their cryptocurrencies and transfer them to Bitcoin exchanges regulated by SEBI. Non-custodial wallets may be prohibited.

Then the information about the ban of ” private cryptocurrencies”, came which provoked a short-term panic on local Indian crypto platforms.

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In November, the Reserve Bank of India announced “serious concerns” regarding cryptocurrencies.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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