BloombergQuint (Bloomberg India) reportThe penalties for those who do not comply with the Indian government’s Crypto policies can range from fines of up to 20 crore (90 million baht) or 1.5 years in prison.
Prime Minister Narendra Modi said there is likely to be a deadline for investors. cryptocurrency to comply with the new rules and declare their assets While the regulatory environment in the country remains highly uncertain,The report statesthat investors’ crypto will soon have to be stored on exchanges that operate under the supervision of the Securities and Exchange Commission of India, or SEBI.
What this means is that private wallets will become illegal under the proposed law. And investors using these wallets may face penalties as discussed above. cryptocurrencies as well
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