On the 7th of December, Bloomberg India announced that the country would emphasize its stance on crypto-related activities that do not fall under the jurisdiction of SEBI (Securities and Exchange Board of India).
Specifically, the government of India could fine individuals and businesses with up to $2,7 million, or up to 1,5 years of jail time.
A deadline is expected to be announced, up to which point investors are liable to declare their assets, and move them to SEBI-compliant exchanges.
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Since India perceives the crypto industry as that filled with fraud and illegal activities, these new changes mean that private wallets (software, hardware, paper, etc.) are no longer legal within the country. On top of that, the government of the country is also planning to implement a minimum capital threshold for anyone looking to invest in crypto.