{"id":2459,"date":"2018-10-18T12:15:48","date_gmt":"2018-10-18T11:15:48","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2459"},"modified":"2019-09-05T23:48:52","modified_gmt":"2019-09-05T22:48:52","slug":"india-could-treat-unregulated-crypto-assets-as-illegal","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/india-could-treat-unregulated-crypto-assets-as-illegal\/","title":{"rendered":"India Could Treat  Unregulated Crypto Assets as Illegal"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1292\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/bitcoin-india2-e1539861002139.jpg\" alt=\"India\u2019s Top Court Refused To Lift Ban On Cryptocurrency Exchanges\" width=\"700\" height=\"467\" \/><\/p>\n<p><span style=\"font-weight: 400;\">According to Moneycontrol, a report which is being prepared by a committee headed by India\u2019s Economic Affairs Secretary, Subhash Chandra Garg, may propose amendments to the existing laws with a view of making it illegal to hold <a href=\"https:\/\/traders-paradise.com\/\">crypto<\/a> assets that are not approved by the government.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/india-could-treat-unregulated-crypto-assets-as-illegal\/#Does_it_mean_that_could_soon_be_illegal_to_hold_cryptocurrencies_that_lack_the_governments_seal_of_approval_in_the_worlds_largest_democracy\" >Does it mean that could soon be illegal to hold cryptocurrencies that lack the government\u2019s seal of approval in the world\u2019s largest democracy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/india-could-treat-unregulated-crypto-assets-as-illegal\/#Why_this_isnt_surprising\" >Why this isn&#8217;t surprising?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/india-could-treat-unregulated-crypto-assets-as-illegal\/#The_consequences_after_the_ban_are_still_felt_today\" >The consequences after the ban are still felt today.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/india-could-treat-unregulated-crypto-assets-as-illegal\/#What_can_be_expected_from_these_last_stages_of_deliberation\" >What can be expected from these last stages of deliberation?<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Does_it_mean_that_could_soon_be_illegal_to_hold_cryptocurrencies_that_lack_the_governments_seal_of_approval_in_the_worlds_largest_democracy\"><\/span><strong>Does it mean that could soon be illegal to hold cryptocurrencies that lack the government\u2019s seal of approval in the world\u2019s largest democracy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The panel will propose legislative amendments and recommending punishment for those holding unapproved crypto assets and also will penalties for those who flout the law. <\/span><\/p>\n<p>This move is the result of the government&#8217;s attitude that crypto assets which are unregulated should be kept out of the Indian financial system to prevent them from being used to aid illegalities. Under this formulation, they mean evading taxes as well as in Ponzi and multi-level marketing schemes.<\/p>\n<p><span style=\"font-weight: 400;\">According to the same source, holding unregulated crypto assets like bitcoin in India could attract punishment.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2460 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal.jpg\" alt=\"India Could Treat Unregulated Crypto Assets as Illegal\" width=\"700\" height=\"369\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal.jpg 700w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-300x158.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-370x195.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-424x224.jpg 424w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>India treats crypto as illegal.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_this_isnt_surprising\"><\/span><strong>Why this isn&#8217;t surprising?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Subhash Garg-committee was placed last year and have to submit its report in December. Besides the Economic Affairs Secretary, the other members of the committee come from India\u2019s central bank and the country\u2019s securities markets regulator. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is expected the Subhash Garg-panel report be adopted. Having in mind their <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/first-time-in-india-trading-in-bitcoin\">previous<\/a> attitude, there will not be a surprise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Anti-Cryptocurrency opinions have various government agencies in India. This spring, the Reserve Bank of India (RBI) \u00a0barred banks and financial companies dealing with virtual currencies and banned these financial institutions from allowing their clients to buy cryptocurrencies. They were given three months\u2019 time (ending June 2018) to exit from any such services if they were offering.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong>\u201c\u2026with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs [Virtual Currencies],\u201d read part of a statement issued by the RBI as reported by CCN. \u201cRegulated entities which already provide such services shall exit the relationship within a specified time.\u201d<\/strong><\/p><\/blockquote>\n<h4><span class=\"ez-toc-section\" id=\"The_consequences_after_the_ban_are_still_felt_today\"><\/span><strong>The consequences after the ban are still felt today.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In September one of the biggest cryptocurrency<a href=\"https:\/\/traders-paradise.com\"> exchanges<\/a> in India, Zebpay, announced that it was shutting down after it found itself unable to operate without access to banking services. That is the indicator that India treats crypto as illegal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The negative <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/indias-top-court-refused-to-lift-ban-on-cryptocurrency-exchanges\/\">consequences<\/a> of the ban have not been limited to cryptocurrency exchanges, however, and have spread to the wider blockchain ecosystem. As CCN reported in September, this was leading to a \u2018blockchain brain drain\u2019 as well as \u2018blockchain capital flight\u2019 to jurisdictions with more conducive environments such as Malta, Estonia, Switzerland, and Thailand.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2461 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-2.jpg\" alt=\"India Could Treat Holding of Unregulated Crypto Assets as Illegal 1\" width=\"690\" height=\"483\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-2.jpg 690w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-2-300x210.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-2-370x259.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/india-could-treat-holding-of-unregulated-crypto-assets-as-illegal-2-424x297.jpg 424w\" sizes=\"auto, (max-width: 690px) 100vw, 690px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_can_be_expected_from_these_last_stages_of_deliberation\"><\/span><strong>What can be expected from these last stages of deliberation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The government view is that unregulated crypto assets should not be allowed to move into the financial system. In short, India treats crypto as illegal. So, it is expectable that the Garg-panel is likely to recommend appropriate amendments in existing laws, defining the punitive measures for those found holding illegal crypto assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In his budget speech for 2018-19, finance minister Arun Jaitley had pointed that cryptocurrency was not legal tender in India, but hinted that the government was open to adopting the underlying <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/trade-in-indian-stock-market\/\">technology<\/a>, called blockchain, to bring in more efficiencies in India\u2019s digital payment systems because it allows keeping a record of a chain of transactions, eliminating the need of intermediaries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Moneycontrol, officials of the capital markets watchdog, the Securities Exchange Board of India (SEBI) have also organized tours to Japan&#8217;s Financial Services Agency; the UK&#8217;s Financial Conduct Authority, and Swiss Financial Market Supervisory Authority,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The study tours \u201chelp engage with the international regulators and gain a deeper <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/04\/forex-trading-iindian-market\/\">understanding<\/a> of the systems and mechanisms,\u201d SEBI said in it&#8217;s in the annual report for 2017-18.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And December is near. The trail of the devastation of cryptocurrency exchanges is visible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But despite these moves of various governments, which are understandable in some sense because they have no control over the crypto, cryptocurrency will survive. We will be witnesses.<\/span><br \/>\n<b><\/b><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read According to Moneycontrol, a report which is being prepared by a committee headed by India\u2019s Economic Affairs Secretary, Subhash Chandra Garg, may propose amendments to the existing laws with a view of making it illegal to hold crypto assets that are not approved by the government. Does it mean that could soon [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004,1005],"tags":[571,17,12,141,113,572,573,104],"class_list":["post-2459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","category-market-today","tag-anti-cryptocurrency","tag-blockchain","tag-cryptocurrency","tag-india","tag-investing","tag-rbi","tag-subhash-garg-panel","tag-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Could Treat Unregulated Crypto Assets as Illegal - Traders-Paradise<\/title>\n<meta name=\"description\" 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