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1  Local / India / India's money laundering rules to apply to Crypto Trade - Gov't notification on: March 08, 2023, 05:16:31 PM

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.

2  Local / India / Anyone here got IT notice for being involved with Crypto in FY 2012-13? on: April 02, 2022, 05:17:07 PM
It has been reported in Crypto India Community that people, who were involved with Crypto in FY 2012-13 period, are getting IT notice. I'd like to know if anyone from here has also got such notice? If yes, did not you pay taxes on your Crypto sales proceeds at that time?

3  Local / India / Crypto Ad you would not like to see is spreading across India! on: January 03, 2022, 06:43:28 PM
Mumbai Metro

Pune Street

Kolkata Flyover

More instances mentioned in Source:
4  Bitcoin / Bitcoin Discussion / No Ban. Crypto will probably get Regulated in India. on: November 24, 2021, 12:27:36 PM
News 18: Bitcoin Ban in India: No Ban on Cryptocurrency, Govt May Bring Crypto Tax, Say Sources

The Times of India: India to consider allowing crypto trading for some investors

NDTV: Crypto Bill Will Regulate, Not Ban, Claim Industry Sources: 10 Facts
5  Alternate cryptocurrencies / Altcoin Discussion / What is the best non-custodial option to grow StableCoins? on: September 26, 2021, 12:27:20 PM
In last 24 hour, USDC/USDT pool on Uniswap has generated $20k in fees out of $143m total locked value. This is ~5% per annum. I am looking for some better return.

Please note that, I do not wish to risk the principal amount anyway. Return is preferable in StableCoin, instead of some other token.
6  Local / India / Is there any contradiction among different departments regarding Crypto? on: September 10, 2021, 09:24:32 AM
September 03, 2021

- Govt plans to bring a bill, cryptocurrencies to be treated as commodity


September 10, 2021

- RBI Governor Shaktikanta Das expresses 'serious concerns' on financial stability of cryptocurrency


What is going on?
7  Local / India / India Wants Bitcoin on: February 04, 2021, 07:03:44 PM
India’s crypto industry is launching a campaign to help you email your MPs #IndiaWantsBitcoin

It’s time to tell your elected leader that you care about Crypto innovation & it should be regulated positively.

Spread the word and contribute.

Note: 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=][color=orange]India[/color] [color=black]Wants[/color] [color=limegreen]Bitcoin[/color][/url][/b][/size][/center]

8  Other / Meta / No message received for removal of a thread created in Ivory Tower! on: November 17, 2019, 05:03:57 PM
Generally, when any of our thread/post is removed by a forum moderator, we receive a message for the same. Yesterday, I created a thread in Ivory Tower regarding prospect of Alt coins in 2020. I can not find the thread today, while no message has been received either! Is this normal?
9  Other / Meta / Suggestions to Improve the India forum on: September 27, 2019, 05:40:41 PM
More than a year ago, I requested for a moderator for India forum - 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 - I guess, it is time to reshape the sub for better management. Below are my suggestions...

India Forum:

1. 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.

10  Other / Meta / Why cant I see the status of my previous reports? on: August 05, 2019, 11:33:22 AM;mine
11  Local / India / Lets assume the worst. What's next? on: June 17, 2019, 11:26:08 PM
Lets assume this tweet is true -

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.


Update on July 22, 2019:

12  Local / India / Response from the Ministry of Finance regarding Crypto Currency related enquiry on: January 12, 2019, 04:48:52 PM
13  Other / Meta / Why a blatant ponzi is being allowed to grow in Indian main board? on: October 06, 2018, 12:45:34 AM
Thread in question: - 1098% per year or 3% every day, decide for yourself


IMHO, this type thread is best suited @ Investor-based games. But, my report has been marked as Bad.

India sub-forum...

1. Does NOT have Trust enabled. So, Get Rich Quick newbies easily fall for these scams and start blaming bitcoin.

2. Does NOT have a Moderator. A request to appoint one is pending for long.
14  Other / Meta / Requesting Mods to take care of Reports in India section on: September 29, 2018, 08:25:34 PM
I am consistently reporting threads to clean up garbage from India section. But, lately I have discovered that some of my reports dated back September 18, 2018 is still hanging as Unhandled. I wish they're handled soonish.

p.s. There is a pending request to appoint an active mod for the India section -
15  Local / India / Is accepting INR deposit/withdrawal? on: July 29, 2018, 07:59:56 PM
Can anyone please confirm?
16  Other / Meta / Can we expect some active mod in India forum? on: March 14, 2018, 07:55:25 PM
Forum: -

Alt coin & ICO discussions are taking over the main board. Mods are not moving them to Alt Coins (India)...

1. Fake Indian Ico !!

2. Ripple : The next Bitcoin

3. List of Indian Ico's

4. When is Jio Coin Launching?

5. Indian ICO Listing website?

6. Ripple can become next Bitcoin?

7. What are the factors one should think before investing in a ico?

8. Daily Airdrops

9. Any Real ICO in India?

Referral spams are running on the main board for weeks...

1. Primedice #1 Bitcoin Gambling Website | 100% provably fair

2. | Bitcoin Casino | Mines, Blackjack, Roulette, Baccarat + 8 games

3. Synereo AIRDROP:Guaranteed Profit$ | Listed On Big EXCHANGES/COINMARKETCAP

4. SHARD [SCRYPT] [POS/POW] High % ROI Staking with a Purpose

Due to the low quality posts on this sub, I had to stop directing people in India to check the same.
17  Local / India / A Central User Database For Indian Cryptocurrency Exchanges May Be Underway on: February 13, 2018, 03:35:18 PM


18  Local / India / Any graph available for Bitcoin rate in INR on on: August 07, 2017, 06:04:30 PM
Looking for daily data from April 1, 2016 to March 31, 2017.
19  Local / India / Bitcoin on the rise, but may not get too far on: June 29, 2017, 12:35:48 PM

20  Local / India / Why market is so down against INR? on: April 06, 2017, 09:04:54 PM
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, 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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