Crypto-holders are likely to get a deadline to declare their assets and meet the rules prepared by The Indian government

Capital markets regulator likely to be appointed by the Indian Government to regulate the use of cryptocurrencies in India. 

Indian authorities are looking forward to consider cryptocurrencies as financial assets and hence appoint its capital markets regulator to keep an eye and regulate the use of cryptocurrencies in the country, said people with knowledge on the subject.

The Indian government is planning to introduce this topic in the parliament session which is ongoing. This might bring the interference of authorities in the world of cryptocurrencies, which was operating on their own so far. This will give crypto-holders a deadline to declare their assets meet the new rules if any. The bill might use the term “crypto-assets” rather than “cryptocurrencies”. Violations of the new rules or not being able to declare the assets before the deadline can bring fines as huge as ₹200 million ($2.7 million) or 1.5 years in prison.

Previously the finance minister of India, Nirmala Sitharaman said the government has worked on the bill which introduced the plan of banning all private cryptocurrencies in India. All this comes after the growth of crypto market reaching heights with a growth of 641% through June 2021. The government now might impose taxes on cryptocurrencies and implement stricter rules due to the unregulated nature of this market.