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India has maintained a cautious approach towards cryptocurrencies while promoting the underlying technologies such as distributed ledger technology and tokenisation, RBI Governor Sanjay Malhotra said on Saturday. Malhotra said India supports innovation in technologies underlying crypto assets, including distributed ledger and tokenisation, but remains cautious about cryptocurrencies due to concerns over monetary sovereignty, monetary policy and capital flows. "So, our approach has been to promote the underlying technologies, and we are using some of these in the central bank and outside in PPP (public-private partnership) mode. But insofar as crypto is concerned, it has been a cautious approach," he said at the Kautilya Economic Conclave. Expressing concerns about cryptocurrencies, the RBI Governor said it is related to the 'singleness of money' and their potential implications for monetary policy, particularly in emerging market economies, where capital flow restrictions are in ...
President Donald Trump had been hearing the message loud and clear for weeks about the sweeping cryptocurrency bill being written in the Senate: to get it across the line, he would have to agree to ethics provisions that apply to him, too. First, Trump agreed to a measure that would bar him and his wife from issuing the types of meme coins that they swiftly launched as he prepared to return to the White House for a second time. And then another concession came late Sunday, when Republicans said Trump consented to a tougher ethics proposal that several key senators had demanded. Now, a pivotal Senate vote on the cryptocurrency bill on Tuesday could mark a watershed moment for the $2.3 trillion market - but it hinges mainly on whether those sign-offs from Trump go far enough. That vote could determine whether Washington cements crypto legitimacy into law or whether a frustrated, deep-pocketed industry could unleash even more campaign cash in the midterm elections. "A vote against the
Financial Intelligence Unit-India (FIU-IND) has issued notice to 15 Virtual Digital Assets Service providers for non-compliance with anti-money laundering law and asked the entities to take down their application/URLs for public access. Virtual Digital Assets Service Providers (VDA SPs) operating in India, whether offshore or onshore, and engaged in activities like exchange of virtual digital assets and fiat currencies, and transfer of virtual digital assets, are required to be registered with FIU-IND as reporting entity and comply with Prevention of Money Laundering Act (PMLA). These obligations are activity-based and are not contingent on physical presence of the entity in India. The finance ministry said as part of compliance action against non-compliant entities, FIU-IND has issued notices to 15 VDA SPs for non-compliance under Section 13 of the PMLA. These entities include Weex International Exchange, BLF Global, Bitunix LLC, DigiFinex Ltd and FinSeven CZ. "The Director, FIU-