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India Re-Emphasizes Its Stance on Crypto, Moves to Impose the Maximum Possible Penalty for Regulation Violations

India Re-Emphasizes Its Stance on Crypto, Moves to Impose the Maximum Possible Penalty for Regulation Violations

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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What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained) What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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