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<ul><li>The Indian government is not looking to ban cryptocurrencies, but to regulate them as ‘assets’.</li><li>All Indian crypto exchanges will reportedly come under the purview of the Securities and Exchange Board of India (SEBI).</li><li>Citizens will no longer be allowed to hold their crypto assets on foreign exchanges or in private wallets, according to the cabinet note seen by NDTV.</li></ul>The Indian government isn’t looking to ban cryptocurrencies in the country, but it is looking to regulate them — as ‘assets’. The country’s markets’ watchdog, the Securities and Exchange Board of India (SEBI), will be at the helm, according to a cabinet note seen by <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">NDTV</a>. This conforms to what Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said earlier this week about Bitcoin not being recognised as a currency for payments in India. India is, however, working on its own central bank digital currency (CBDC) that will be governed and monitored by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>). The note also reportedly highlights that citizens will need to declare their crypto assets and keep them on Indian exchanges. They will no longer be allowed to keep crypto on foreign exchanges or in private wallets. Once the bill becomes law, people will be given some time to transfer their holdings to meet these requirements. Failing to do so could result in penalties within the range of ₹5 crore to ₹20 crore. Moreover, India has plans to amend its Prevention of Money Laundering Act (PMLA) to make provisions for cryptocurrency activity. According to Sitharaman, the government is closely monitoring the risks that cryptocurrencies present. Even Prime Minister Narendra Modi highlighted the volatile nature of digital tokens in November, calling on global cooperation from democratic nations to regulate the sector and protect the youth. “The industry has been actively communicating with all stakeholders keeping investor protection at the forefront,” Ashish Singhal, the founder and CEO of CoinSwitch Kuber and the co-chair of the Blockchain and Crypto Assets Council (BACC), told Business Insider India. <cmsannotation type="cmsannotation" annotationid="Where does India’s crypto bill stand?" comment="subhead" text="Where does India’s crypto bill stand?">Where does India’s crypto bill stand?</cmsannotation> India’s proposed laws on how to regulate cryptocurrencies and other aspects of the crypto sector — including decentralised autonomous organisations (DAOs), non-fungible tokens (NFTs), and the metaverse — is on the agenda of the ongoing session of Parliament in the lower house, the Lok Sabha. According to Sitharaman, the bill is pending approval from the Cabinet before it can be introduced to the Members of Parliament (MPs). “Even if the bill is 30-40% positive, investors — family offices, traditional VC firms — will put more money into India, if something positive comes out,” WazirX’s head of public policy, governance issues and content, Aritra Sarkhel, told Business Insider during a sponsored webinar. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-lawyer-behind-getting-indias-2018-crypto-ban-quashed-hasnt-ruled-out-going-to-court-again/articleshow/88042758.cms">The lawyer behind getting India’s 2018 crypto ban quashed hasn’t ruled out going to court again</a>

No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector

<ul><li>India’s <keyword id="2617070" type="PERSON" weightage="20" keywordseo="Personal-Data-Protection-Bill">Personal Data Protection Bill</keyword> has been given a green light to be tabled at Parliament during the current winter session.</li><li>The bill is expected to propose fines of up to ₹15 crore or 4% of a company’s global annual turnover for major violations.</li><li>The fine is a mere fraction of the punishment imposed by the General Data Protection Regulation (GDPR). </li></ul>India’s data legislation, the Personal Data Protection Bill, will be <a href="https://www.businessinsider.in/business/news/data-protection-bill-to-be-tabled-in-parliament-in-current-session/articleshow/72110872.cms">tabled</a> during the current <a href="https://www.businessinsider.in/policy/news/here-is-a-list-of-major-bills-to-be-introduced-in-the-winter-session-of-parliament/articleshow/72110677.cms">winter session of parliament</a>. If it passes, the government can fine companies up to ₹15 crore ($2 million) or 4% of their global annual turnover — whichever is higher — for major violations. Minor violation will be subject to ₹5 crore or 2% of a company’s annual turnover, as per the bill’s draft. But, in comparison to the General Data Protection Regulation (GDPR), India’s attempt to <a href="https://www.businessinsider.in/groups-of-foreign-companies-are-lobbying-against-indias-personal-data-protection-bill/articleshow/66070718.cms">ensure compliance</a> might not pack the punch required. The European Union (EU) imposes much tougher punishments for those who fail to comply with its regulations. Higher fines give GDPR its teeth — and it’s not afraid to bite EU can level fines of at least 10 million Euros (₹79 crore) or 2% of a company’s annual global turnover for minor infringements under GDPR. In the case of a major violation, a company can even be fined up to 20 million Euros (₹ 158 crore) or 4% of their global annual turnover. “The heft of the fine requires companies to be more responsible,” said a report by <a href="https://www.consumersinternational.org/media/155133/gdpr-briefing.pdf">Consumers International</a>. The higher potential for fines is also what gives GDPR its teeth — and they have already proven that they’re not afraid to bite. Within a year of its inception, over 200,000 GDPR cases were reported and a total of 55 million fines were issued, according to the European Data Protection Board (EDPB). Some of the big cases include the $5 million fine against Google and $125 million against Marriot International. Overall, penalities over 350 million Euros ($387 million) were doled out. And, the recorded cases are only the tip of the iceberg. The number of people with access to the internet is growing and so are the devices that come along with them. As a result, the amount of data that is being generated online has increased substantially over the last couple of years. And, that data is a valuable resource for businesses. Analysing ‘big data’ enables them to formulate their future strategies and target users. See also: <a href="https://www.businessinsider.in/policy/news/here-is-a-list-of-major-bills-to-be-introduced-in-the-winter-session-of-parliament/articleshow/72110677.cms">Here is a list of major bills to be introduced in the Winter Session of Parliament</a> <a href="https://www.businessinsider.in/india-personal-data-protection-bill-global-ceo-concerns/articleshow/68389336.cms">Here’s what global tech CEOs have to say about India's data protection laws</a> <a href="https://www.businessinsider.in/groups-of-foreign-companies-are-lobbying-against-indias-personal-data-protection-bill/articleshow/66070718.cms">Groups of foreign companies are lobbying against India's Personal Data Protection Bill</a>

India's new data protection law is in the works and companies will only have to pay $2 million for violations

Several MPs on Monday made a statement against pollution in the national capital by riding bicycles, sporting masks and even choosing electric vehicles over fuel guzzlers as they arrived for the Winter Session of Parliament. The air quality in Delhi improved marginally on Monday but remained in the "poor" category for the second consecutive day. At 9 am on Monday, the air quality index (AQI) in the national capital stood at 207 against an AQI of 254 at the same time on Sunday. Congress MP <keyword id="595991" type="PERSON" weightage="20" keywordseo="gaurav-gogoi">Gaurav Gogoi</keyword> wore a mask as a mark of protest in front of the Mahatma Gandhi statue on the Parliament premises against rising air pollution levels. BJP MP Mansukh Mandaviya reached Parliament riding a bicycle and so did his party colleague <keyword id="6361217" type="PERSON" weightage="20" keywordseo="Manoj-Tiwari">Manoj Tiwari</keyword>. Union Environment Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> arrived at Parliament in an electric car. "The government is gradually switching to electric cars as they are pollution-free. I appeal to people to contribute to fight pollution- start using public transport, electric vehicles etc", he told reporters. ASG CK

MPs came in e-cars, masks and cycles for the Parliament's winter session

Millions of innocent Indian users have risked their hard-earned money in highly-volatile cryptocurrencies which are not a legal tender and the country stands on the cusp of an economic disaster in the making as self-styled <keyword id="12537889" type="General" weightage="20" keywordseo="crypto-cartels" source="Orion">crypto cartels</keyword> bombard citizens with misleading ads while relevant government authorities quietly watch the whole saga from the sidelines. The deafening silence on the part of statutory authorities to the increasing number of crypto platforms luring the public into investing from as low as Rs 100 is "incomprehensible" in absence of a dedicated law on crypto assets and crypto currencies, lament leading legal experts. <div type="Article" hostid="261" msid="87642591" title="Crypto players in India to meet with government today to give inputs on the potential of cryptocurrencies in the country and its impact" mstype="2" mssubtype="0"></div> A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), and industry players like <keyword id="10245463" type="General" weightage="20" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>, <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> and <keyword id="2761019" type="General" weightage="20" keywordseo="zebpay" source="Orion">Zebpay</keyword>, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets. India has recently seen a spurt in the popularity of <keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> and platforms in recent months like CoinSwitch Kuber (CSK), WazirX, CoinDCX, ZebPay, Unocoin and BuyUcoin, etc. According to Dr Pavan Duggal, a seasoned Supreme Court advocate and a cyber law expert, if Indians have invested over Rs 6 lakh crore in the crypto ecosystem and there is absence of legal clarity, it is very much possible that a large number of people could lose huge chunks of money. "It is also possible that some people may make a lot of money. The chances of an innocent user being made a victim of this impending economic disaster cannot be ruled out. The quicker India as a nation wakes up from its deep slumber and starts addressing the crypto ecosystem, the better it will be," Duggal told IANS. In some respite for the common investor, the Indian government is finally aiming to prohibit crypto ads that are growing across media platforms and were seen in plenty during the IPL 2020 and the ICC Men's T20 World Cup cricket matches. In a memo outlining the summering of a meeting between Prime Minister Narendra Modi and the crypto industry players over the weekend, the government has shown its displeasure over such mushrooming advertisements that promise wild profits. However, the bigger crypto threat looms as the country has still not made up its mind on the legalities pertaining to crypto assets. New Delhi-based cyber law expert Virag Gupta said that taking the benefit of zero regulatory framework around crypto, the "self-styled godmen" of this industry have made their own regulatory mechanism and code of conduct which have put the Indian law-making machinery in bad light for the world. "The crypto market which was illegal some years back has now risked over Rs 6 lakh crore worth of money from Indians investors. The biggest question now is: How is the government planning to levy and recover tax on money being made by crypto trading exchanges and apps? If it is treated as capital gain then the players get undue benefit and if it is treated as business income, then the whole illegal system turns legal," Gupta elaborated. There are several serious aspects to the whole crypto scenario in India that need to be addressed fast. "First, when crypto is spreading like wildfire then why is its regulation delayed. Second, without Parliament-specific approval and amendment in the RBI Act, private currency like crypto cannot be treated as a valid legal tender," argued Gupta. In the proposed law, if cryptocurrencies are not accepted as legal tender, then how will it be treated as an asset class and who will be its regulator. "Crypto craze is reaching tier II and III towns and non-regulation of this market of Rs 6 lakh crore size is raising questions on the sovereign authority of government of India. Non-levy of GST in various layers of its transaction and non-imposition of income tax with penalty is causing huge loss to the state and central government revenue," Gupta further stressed. Crypto platforms, especially WazirX, CoinSwitch Kuber and CoinDCX, have launched ads across platforms, promising big returns on crypto investments, with a thin line titled "Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks," placed at the end of the ads. A large number of Indians have become victims of such luring advertisement campaigns in the past, which asked them to invest in digital coins. Currently, the RBI is the nodal agency that is responsible for all issues pertaining to crypto assets in India, thanks to a recent Supreme Court judgment. "However, we have still not seen effective steps being taken from the statutory authorities to protect consumers from vagaries of crypto-assets and crypto currencies and their sharp volatility," Duggal said. According to a recent report by IT industry's apex body Nasscom, there are more than 15 million retail investors in India investing in the cryptotech space. A cryptocurrency bill is expected in Parliament's winter session and according to experts, strong mechanisms need to be put up to prevent the innocent citizens from becoming victims of an impending economic disaster, who do not fully understand the legal and policy ramifications of the same. "Facing a catch-22 situation, India needs stronger laws, not only for the Blockchain-based trading but also for IT and data security, in order to tame the crypto cartels," Gupta stressed. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/top-15-best-altcoins-to-buy-in-2021/slidelist/87717381.cms">Looking beyond Bitcoin and Ethereum — Here’s a list of top 15 altcoins you should keep an eye on</a> <a href="https://www.businessinsider.in/investment/news/top-6-stablecoins-in-the-crypto-market-what-are-they-how-to-they-work-and-why-they-have-governments-worried/articleshow/87667452.cms">Top 6 stablecoins in the crypto market — what are they, how they work and why they have governments worried</a>

You Searched For "Parliament Winter Session" and got 4 results

No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector

BI India Bureau

India's new data protection law is in the works and companies will only have to pay $2 million for violations

Prabhjote Gill

MPs came in e-cars, masks and cycles for the Parliament's winter session

PTI

Lack of crypto regulation in India is pulling the savings of millions at risk, according to Supreme Court advocate

IANS

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