India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail

 India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail

On Tuesday, BloombergQuint (Bloomberg India) reported that the penalty for non-compliance with the Indian government\’s crypto policies could range from a maximum fine of 20 crore rupees ($2.7 million dollars) or 1.5 years in jail. Prime Minister Narendra Modi will likely give cryptocurrency investors a deadline to comply with new rules and declare their assets. While the regulatory environment in the country holds a high degree of uncertainty, reports have indicated that investors\’ crypto must soon be held in exchanges operating under the oversight of the Securities and Exchange Board of India, or SEBI.

This would mean that private wallets would not be legal under the proposed legislation, and investors who use them could be subjected to the aforementioned judicial penalties. In addition, Modi\’s government plans to institute a minimum capital threshold for investing in cryptocurrencies.

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