India has no plans to create new laws specifically regulating the buying and selling of cryptocurrencies, according to Finance Ministry Minister Pankaj Chaudhary. In a recent statement to Parliament, Chaudhary mentioned that while the Financial Intelligence Unit (FIU) handles issues like preventing money laundering and terrorism financing, it does not involve new legislation for crypto transactions.
Chaudhary pointed out that last year, during India’s G20 presidency, a global framework for managing cryptocurrencies was introduced. This framework aims to help countries, especially developing ones, handle crypto-related risks. All countries, including India, are encouraged to evaluate their own crypto challenges and collaborate with international organizations to create suitable regulations.
India has been taking a firmer approach towards cryptocurrency exchanges over the past year, sending legal notices to major foreign platforms like Binance, Kucoin, and Huobi for not following anti-money laundering rules.
Binance, which was exploring a comeback to India, was recently hit with a $2.25 million fine for violating these rules. This is the largest penalty ever imposed on a crypto company in India. Additionally, Binance is dealing with another issue: a demand for $86 million in unpaid goods and services tax (GST) from Indian authorities.
