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Govt likely to give crypto holders a deadline to declare assets: Report
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business-standard.comIndia is considering appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter, as authorities look to classify them as financial assets.
Prime Minister Narendra Modi’s government, which plans to introduce legislation in the ongoing parliament session, will probably give crypto holders a deadline to declare their assets and meet any new rules, the people said, asking not to be identified as the discussions are private. The bill is likely to use the term ‘cryptoassets’ rather than ‘cryptocurrencies,’ and won’t refer to the central bank’s plan to create its own digital currency, one of the people said.
Any violators could be fined as much as 200 million rupees ($2.7 million) or
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