homeindia NewsFinance ministry on crypto assets, cryptocurrency law and global recession
india | Dec 19, 2022 7:19 PM IST

Finance ministry on crypto assets, cryptocurrency law and global recession

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The finance ministry tells parliament that currently all policies on crypto assets and related ecosystems are being studied, but adds that any legislation on the subject can be effective only with significant international collaboration to prevent regulatory arbitrage.

The Ministry of Finance told parliament that currently all policies on crypto assets and the regulatory ecosystem for cryptocurrencies and that any legislation will require international collaboration, but added that any legislation on the subject can be effective only with significant international collaboration to prevent regulatory arbitrage.

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The ministry also informed parliament about the probe against crypto exchanges. According to the government’s reply, proceeds of crime amounting to Rs 907 crore have been seized under the Prevention of Money Laundering Act, (PMLA), and three persons have been arrested.
Under, Foreign Exchange Management Act (FEMA) assets amounting to Rs 290 crore have been seized, and 12 crypto exchanges have been probed for GST evasion.
On the question of how the global recession would impact India and the rupee depreciation, the government said India is likely to grow by 6.8 percent in FY23 and will continue to be among the fastest-growing economies in the World.
While the rupee has depreciated 6.9 percent it has performed better than most Asian currencies.
The government has also been asked questions about the congestion at the Delhi airport, to which the ministry of civil aviation furnished a 13-point reply on the deployment of additional traffic marshals, display boards, CISF officials, and additional X-ray machines to reduce wait times.
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