India’s Crypto saga: Prominent advocate explains how to own crypto legally in the country

2019-5-2 16:30

The Indian crypto community rejoiced when the Supreme Court made a move to understand and regulate crypto. However, the quickness of the hearing’s adjournment shocked the community. A month since the hearing, there are rumors that the government is planning a complete ban on cryptocurrencies under the Prevention of Money Laundering Act, which has left many crypto holders in the country nervous.

Crypto Kanoon, an Indian blockchain and crypto-news platform, interviewed Vijay Dalmia, an advocate at Vaish Associates and an expert in understanding money laundering. He explained the nitty-gritties of money laundering and clarified various doubts surrounding crypto and its rumored ban.

Dalmia clarified that dealing in crypto is not an illegal act, if the purchase is made with disposable income i.e. after proper taxation. When asked about whether owning crypto in a foreign exchange for crypto-to-crypto trading was legal, the advocate said that only the use of crypto for trade in India would be deemed illegal. However, owning it on a ledger or a wallet or an exchange outside India, would not be deemed illegal.  The advocate took the example of Bitcoin to explain further,

“If you use Bitcoin to buy an asset outside India then on your return, FEMA [Foreign Exchange Management Act] will get triggered.”

He added,

“The authorities will check into whether the individual’s purchase is within the guidelines of the RBI, if not FEMA will be attracted.”

Dalmia also noted that dealing in crypto or a crypto-to-crypto trade on an exchange outside India is not illegal. However, the conversion of crypto to fiat and the subsequent use of the fiat currency [Rupee] for buying any other asset will be an illegal act.

Dalmia also spoke about the RBI’s guidelines for crypto-expenses on international trips and the corresponding punishment under the money laundering act.

The post India’s Crypto saga: Prominent advocate explains how to own crypto legally in the country appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0077016 (-100%)

crypto community country hearing india prominent advocate

Источник: ambcrypto.com

crypto community → Результатов: 126


US Treasury says Crypto Community’s Fear About Tax Provision in the Infrastructure Bill is Unwarranted

While the Treasury Department yet again tries to assuage the crypto community’s concerns, Jerry Brito of CoinCenter says there’s “little comfort” in it. The post US Treasury says Crypto Community’s Fear About Tax Provision in the Infrastructure Bill is Unwarranted first appeared on BitcoinExchangeGuide.

2021-8-25 16:37


Will Exchanges Remove Bitcoin SV? Crypto Community Takes A Stand Against Craig Wright’s BSV

Every Crypto Exchange To Delete Bitcoin SV? Crypto Community Takes A Stand Against Craig Wright #WeAreAllHodlonaut movement is going strong in support of Hodlonaut and now crypto community is calling for the delisting of Bitcoin SV from all the crypto exchanges after Binance CEO threatened to do just that if Craig Wright doesn’t stop his […]

2019-4-12 21:39


Фото:

Community Backlash: NY Regulator’s Claims About Crypto Manipulation Come Under Fire

It goes without saying that the crypto industry is rather susceptible to an onslaught of negative press from legacy markets, due to its infancy.  As such, many leaders in this nascent industry have developed an aptitude to respond directly to cases of “FUD,” often taking to public social media channels to convey their thoughts.

2018-9-23 01:09


Опрос: сообщество видит биткоин в диапазоне $8 000-$10 000 к концу года

Аналитический ресурс Crypto Inferno провел опрос среди своих подписчиков, выяснив, каких котировок биткоина они ожидают к концу 2018 года. Оказалось, что большая часть респондентов (29,7%) ожидают постепенного роста в область $8000-$10 000.

2018-9-22 14:46


Фото:

XRP’s Surge: Justin Sun Believes It is A Sign that Financial Institutions Will Adopt Blockchain

The crypto trading community is in awe over the performance of XRP in the markets over the last few days. The digital asset started a slow rise to the top at $0.274 on the 17th of Septmber only for it to sprint and edge out Ethereum from the number 2 spot yesterday and according to […] The post XRP’s Surge: Justin Sun Believes It is A Sign that Financial Institutions Will Adopt Blockchain appeared first on Ethereum World News.

2018-9-22 11:13


Фото:

Взломали Японскую биржу Zaif

Пользователи Zaif crypto exchange, базирующиеся в Японии, недавно были лишены доступа к снятию средств и депозитам на бирже. Это событие, вероятно, станет вторым по значимости инцидентом, связанным со взломом японских бирж, после взлома Coincheck.

2018-9-20 01:26


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Is the Altcoin party over? Bitcoin dominance threatens alt sector!

Positioning for altcoins? These bearish signals call for caution.  The altcoin season index slipped below 50%, marking a new monthly low.  Altcoins are in massive discounts after the recenThe post Is the Altcoin party over? Bitcoin dominance threatens alt sector! appeared first on AMBCrypto.

Fantom breaks $1: Will FTM continue its bullish trend towards $1.50?

Fantom’s price surge is supported by strong network growth and key resistance targets near $1.50. Technical indicators and market sentiment highlight cautious optimism for sustained upward moThe post Fantom breaks $1: Will FTM continue its bullish trend towards $1.50? appeared first on AMBCrypto.

Why Ethereum Classic could be setting up for a 20% price jump

On-chain metrics revealed that exchanges have experienced a substantial $22.85 million worth of ETC outflow. ETC long/short ratio indicating strong bullish sentiment among traders. ETC, the The post Why Ethereum Classic could be setting up for a 20% price jump appeared first on AMBCrypto.

XRP whales buy the dip - Analyzing impact on price action

XRP has declined again after a slight rebound in the last trading session. Whales remained in the accumulation mode despite price decline. Ripple's [XRP] recent price decline has caught the The post XRP whales buy the dip - Analyzing impact on price action appeared first on AMBCrypto.

Toncoin 'tops' the social charts! How can TON's price benefit from it?

Toncoin rose to the top as the coin with the highest social and market activity in the last 24 hours Worth evaluating whether these findings can influence TON's short-term or long-term bullish The post Toncoin 'tops' the social charts! How can TON's price benefit from it? appeared first on AMBCrypto.