BREAKING NEWS‼️:

India’s Home Affairs Panel: Don’t Ban Crypto — Regulate It Tougher

Slowly but surely, the door to crypto in India is opening. Soon they will change the 31% taxation to something lower and the local exchanges will lower their cut too.

Summary of 254th report:

The Parliament’s Home Affairs Committee (254th Report) warns crypto is widely abused — cryptojacking, Ponzi apps, trading scams, ransomware paid in BTC, dark-web trade (drugs, arms, child abuse), human-trafficking/ fake-job scams run using crypto. MHA & CBI flag cross-border laundering using mule accounts + crypto wallets, P2P layering, shell firms, gold purchases and underground banking that aid global crime gangs.

Impact so far: 53.9 lakh complaints on the National Cybercrime Portal; ₹31,594 crore reported fraud losses (2019–2024). About 85% of cyber complaints are financial frauds; Ponzi/get-rich-quick crypto apps hit ordinary citizens hard.

Crucially, the Committee did not ask for a ban. Instead it recommends regulation: classify crypto as “digital assets” under FEMA, bring exchanges under strict AML/KYC and FATF rules, and create a uniform legal definition for tax & oversight. On stablecoins, it sees potential for remittances/settlements but urges RBI supervision before INR-linked stablecoins are permitted.

Investor protection proposals: warn retail users, push licensing of exchanges, and demand clear tax/legal definitions (current 30% tax +1% TDS seen as unclear). For future threats, the report flags quantum risks and calls for post-quantum cryptography (PQC) work to secure digital assets.

Bottom line: India is moving to regulate, not ban crypto — treating it as a controllable digital asset with heavy AML/KYC, stablecoin oversight and quantum-resilient safeguards ahead.

Source: Crypto India, X.

#India #cryptooinsigts #HEMIBinanceTGE #CryptoRally #PowellWatch