Crypto Violators May Face Prison Time Under India’s New Proposal - Report
The Indian government is reportedly considering appointing a new regulator specifically to oversee the cryptocurrency space, while also saying those who violate regulations could face fines of up to USD 2.7m or 1.5 years in prison.
Under India’s new crypto regulations, crypto holders will “probably” be required to declare their digital assets to the government within a given deadline, Bloomberg reported on Tuesday, citing unnamed sources “with knowledge of the matter.”
The new rules are part of a bill that will reportedly be introduced in the ongoing parliamentary session by Indian prime minister Narendra Modi’s government, the report further said.
It added that the bill will use the term ‘cryptoassets’, and that it is not related to a planned
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