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Local / India / India's money laundering rules to apply to Crypto Trade - Gov't notification
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on: March 08, 2023, 05:16:31 PM
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Legal explanation by tech lawyer Jaideep Reddy... Crypto & NFT businesses are now 'reporting entities' under India’s Prevention of Money-Laundering Act (PMLA). Contrary to some Whatsapp chatter, this does not mean that they are charged under the PMLA for any offence! The implication is that such businesses need to follow similar reporting standards and KYC/AML norms to other reporting entities like banks, securities intermediaries, payment system operators, etc. In other words, KYC norms are no longer a best practice but a legal obligation.
Also, such businesses now have the legal status to report suspicious transactions to the Financial Intelligence Unit (FIU).
Happy to say we had made this recommendation as far back as Dec 2018, and the notification has come exactly under the suggested provision.
An AML regime is the first step towards effective regulation of intermediaries.
It would have been ideal though to have an explicit transitory provision so that covered entities had more time and certainly while getting their compliance processes in place.
Source: https://twitter.com/jrtechlaw/status/1633338812242731009 |
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Local / India / India Wants Bitcoin
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on: February 04, 2021, 07:03:44 PM
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India’s crypto industry is launching a campaign to help you email your MPs #IndiaWantsBitcoinIt’s time to tell your elected leader that you care about Crypto innovation & it should be regulated positively. Spread the word and contribute. https://IndiaWantsBitcoin.orgNote: If you are not wearing a signature, you may wear this for the time being to help Crypto industry in general.[center][size=25pt][b][url=https://indiawantsbitcoin.org/][color=orange]India[/color] [color=black]Wants[/color] [color=limegreen]Bitcoin[/color][/url][/b][/size][/center] |
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Other / Meta / Suggestions to Improve the India forum
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on: September 27, 2019, 05:40:41 PM
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More than a year ago, I requested for a moderator for India forum - https://bitcointalk.org/index.php?topic=3125174.0. From that thread itself, it is evident that the sub was turning into a garbage. Since then, due to constant reporting and monitoring, the main board of the sub has improved a lot. Scams are also under control due to enabled trust after this request - https://bitcointalk.org/index.php?topic=5044745.0. I guess, it is time to reshape the sub for better management. Below are my suggestions...India Forum: https://bitcointalk.org/index.php?board=89.01. Please unpin all the pinned threads except for Welcome to Indians. Information in rest of the threads are mostly outdated. 2. Merge Mining (India) with main board, i.e. India. Last post on it is on July 31, 2019 and that sub is pretty inactive for long. 3. Merge Marketplace (India) with main board, i.e. India. Content has no distinct difference than the main board. 4. Do not allow thousands of threads inside Regional Languages (India). Have one thread for each language. 5. Merge Press & News from India with main board, i.e. India. Content has no distinct difference than the main board. 6. Alt Coins (India) does not serve any extra purpose over Announcements (Altcoins). So, better merge it with that. At the same time, allow basic Alt coin discussions (not announcement or promotion) on main board, i.e. India. 7. Merge Buyer/ Seller Reputations (India) with main board, i.e. India. Content has no distinct difference than the main board. 8. Off-Topic (India) does not serve any extra purpose over Off-topic. So, better merge it with that.
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Local / India / Why market is so down against INR?
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on: April 06, 2017, 09:04:54 PM
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Only a month ago, while BTC touched 1200 USD, it was locally trading at 90k+ INR. This time it has not yet crossed 80k INR on any exchange or LBC. According to bitcoinrates.in, BTCxIndia rate is even below 70k INR. Is the market down because of Fear, Uncertainty, Doubt or it is being manipulated?
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