Cryptocurrency Bill Financial News

House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks. Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11. «I intend for this committee to mark up some form of this legislation when we return from the July 4 recess,» he said at a hearing Tuesday. McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. A discussion draft put forward earlier this month by McHenry and others would clarify responsibilities for overseeing crypto products by regulators, and would give a pathway for crypto companies and exchanges to register with those agencies.

Having shifted the coins offshore using the Blockchain network to avoid stifling regulations, they have sensed that sharing the information with Income tax (I-T) authorities could invite as much trouble as hiding it. Declaring their crypto holdings — originally bought on Indian exchanges and now parked in wallets with overseas bourses — in the 'Foreign Assets (FA) schedule would be an indirect admission of having undertaken a transaction that could be in violation of the Foreign Exchange Management Act (FEMA). However, a non-disclosure of a 'foreign asset' could put them on the wrong side of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act — a harsh law that came into force in 2015 and can be used to impose criminal sanctions. (Under the FA schedule, an assessee has to provide details of foreign assets or income from any source outside India in a specific section of the ITR).Techie Vs Taxman Interestingly, however, given the nature of cryptos, which are different from regular assets like bank accounts, properties and securities, the dilemma of taxpayers could also put the tax office as well as practitioners in an unchartered territory.

cryptocurrency soon, though a law on the digital assets is likely to take more time, secretary of economic affairs Ajay Seth has said. On the sidelines of a finance ministry event, the secretary also said there is no case for revising growth estimates downwards. He said inflation should moderate soon and that the government is well-prepared for any shock. Speaking about cryptocurrency, Seth on Monday told reporters, «Our consultation paper is fairly ready. We have gone into a deep dive into this.» He did not mention when it is likely to be put out. Sources, though, told ET that it can be expected in August.

RBI's views on cryptocurrencies may have delayed the proposed legislation on crypto assets

New Delhi: The Centre is unlikely to introduce the much-awaited cryptocurrency bill in the upcoming budget session of Parliament as it wants to hold more discussions and build consensus on the regulatory framework. The government also wants to wait for the pilot launch of the Reserve Bank of India’s digital currency expected in a few months. While the Centre is keen on the bill, it is looking to hold more discussions with stakeholders to firm up a view on the policy, according to officials with knowledge of the matter. “The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time,” a senior finance ministry official told ET.

The Crypto Bill proposes a penalty for violations by individuals as well as corporate bodies.

The Indian crypto community is keenly awaiting tax measures on crypto-related income in Budget 2022 which is set to unveil on February 1. Per reports, the government is looking out for advice from various taxation experts on this matter.

The Cryptocurrency Bill proposes to ban all private cryptocurrencies in India and facilitate regulation.

The size of crypto assets in India is about Rs 45,000 crore.

The cryptocurrency bill is not on the agenda of the cabinet that meets on December 15, sources have said, an indication that the much-awaited piece of legislation may not be taken up by Parliament during the ongoing winter session that concludes on December 23.

Mumbai: Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters.

Bitcoin hit the $50,000 mark as concerns over the Omicron variant eased across the globe and investors lapped up riskier assets. Barring the dollar pegged USD Coin, all other nine out of the top 10 digital tokens were trading higher at 9.30 IST.

The Crypto Asset Bill proposes to prohibit usage of crypto asset as currency substitutes or as payment systems for remittances. The bill also proposes to establish a facilitative framework for distributed ledger technology and also lay the groundwork for creation of the official digital currency to be issued by the Reserve Bank of India (RBI) and regulated under the RBI act, sources told NDTV.

The global crypto market capitalisation surged 1.68 percent over the last 24 hours to stand at $2.65 trillion. Bitcoin, currently trading at $57,216.1 saw a fall in its market dominance by about 0.72 percent over the last day to stand at 40.86 percent.

The global crypto market capitalisation surged 1 percent over the last 24 hours to stand at $2.61 trillion. Bitcoin, currently trading at $57,424 saw a fall in its market dominance by about 0.63 percent over the last day to stand at 41.57 percent.

New Delhi: The proposal for a central bank digital currency (CBDC) backed by the country’s banking regulator may be included in the upcoming bill to regulate cryptocurrency, a top government official told ET.

What are the qualities of a good regulatory framework? First, it has to be as unambiguous as possible. In other words, there should be clarity on what activities are permitted, and what are prohibited, as well as the penalties for violations. Second, the regulator — usually a State body — should have the powers to proactively detect violations, and when detected, the ability to effectively bring violators to book.

Cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology, according to Ashish Singhal, Founder and CEO of crypto exchange CoinSwitch Kuber.

The discussions come as authorities race to finalize a bill Prime Minister Narendra Modi’s government wants to present to parliament in the session starting Nov. 29.

The government wants to ban all private cryptocurrencies, with some exceptions, to pave the way for a digital money controlled by the central bank. But this may not be as drastic as it sounds.

There is currently a lot of noise around whether the Indian government will ban cryptocurrencies or not. While details are not known, the 2021 bill regulating their use is to be tabled in Parliament’s Winter Session.