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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

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

<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

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

BI India Bureau

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

PTI

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

Prabhjote Gill

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