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The government had taken issue with promises of wild profits made by crypto ads that will now have to carry disclaimers.
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The government had taken issue with promises of wild profits made by crypto ads that will now have to carry disclaimers.
It also gave the government pointers on how to decide taxation of crypto assets, starting with its classification under the law.
Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.
This development comes 8 months after MediaNama reported how private banks shut off its banking services to crypto exchanges
Amid confusion on what approach the government will take to regulate cryptocurrency, this report pushes for a new framework.
The scope of blockchain tech in providing financial services was also revealed by the Ministry, separately.
"Misleading" crypto advertising has elicited strong feelings from the Indian government recently.
Crypto adoption is rising in India and so are concerns around the digital currency enabling illicit activities.
The unregulated but rapidly growing crypto market in India has led to scams of varying proportions.
Ads urging first-time investors to buy into an unregulated crypto market have propped up over the past few months.
