India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail -Breaking
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BloombergQuint (Bloomberg India), Tuesday reportedNon-compliance of the Indian government’s cryptocurrency policies can result in a maximum 20 crore rupees ($2.7million dollars) fine or 1.5 year imprisonment. The Prime Minister Narendra Modi likely will give cryptocurrency investors the deadline to adhere to new regulations and declare assets. The regulatory environment is uncertain and there are many unknowns. Reports indicateInvestors must hold crypto on exchanges that are under the control of SEBI or the Securities and Exchange Board of India.
Private wallets will be illegal under this legislation. Investors who make use of them may be punished with the above judicial sanctions. Modi’s government also plans to establish a minimum capital threshold when investing in cryptocurrency.
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