India Has No Proposal to Regulate Sale, Purchase of Crypto, Government Reveals

Crypto-related firms in the country are waiting for a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that there is no proposal to make a law to regulate the buying and selling of virtual assets in the near future. MP GM Harish Balayogi had raised questions on the government’s stance regarding this segment. He asked whether the government had crypto Is there any proposal to bring rules to regulate the segment.

In response, Chaudhary said, “There is no proposal to bring a law to regulate the buying and selling of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of monitoring such as anti-money laundering.” Is.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) with the aim of drafting crypto-related legislation for all members of the G20 group. Chauthry said that all the G20 countries are analyzing the advantages and disadvantages of crypto in their own context.

The government’s strict attitude towards the crypto segment remains intact. Crypto related firms were shocked as there was no tax relief in this year’s budget. In the budget presented last month, Finance Minister Nirmala Sitharaman had announced reforms for some sectors. However, there was no mention of the crypto segment or blockchain technology. Crypto-related firms had requested the central government to reduce the Tax Deducted at Source (TDS) on crypto transactions by one percent. Bharat Web3 Association had told Gadgets360, “We had given an analysis regarding the decrease in trading and transactions of the users. We had also told how the change in the taxation structure can increase the revenue of the government. We are trying to make the taxation balanced. “Will continue to press for it.”