India’s Ministry Of Finance On

Crypto Bill

December 19, 2022 Story: Divya Sinha

The Ministry of Finance was asked about the status of the crypto bill in the current Lok Sabha session.

Finance Minister of State Pankaj Chaudhary told Lok Sabha that crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage.

Moreover, any legislation for regulation or for banning can be effective only with significant international collaboration said Chaudhary.

The minister said policies regarding crypto-assets and related ecosystems is with the Union Ministry of Finance.

In terms of money laundering, ED is investigating multiple cases related to cryptocurrency fraud, and said some crypto exchanges were also involved in money laundering.

It was reported that ED has seized criminal proceeds worth Rs 907.48 crores and arrested three people in a case linked to money laundering by a cryptocurrency exchange.

Chaudhary also detailed that Central GST officers have detected few cases of GST evasion by crypto exchanges.