Bloomberg: up to $ 2.7 million in fines or 1.5 years in prison for violating Indian crypto law

According to people familiar with the situation, India is considering choosing a capital market regulator to oversee cryptocurrencies as authorities want them to be broken down into financial assets. The government plans to announce a bill at the next meeting that will give cryptocurrency holders the last chance to declare their assets and meet all requirements. Failure to follow Indian government cryptocurrency rules could result in a fine of up to 200 million rupees ($ 2.7 million) or jail time of up to 1.5 year. Although the regulatory environment in the country is uncertain, reports suggest that investors are expected to hold onto their cryptocurrencies soon on exchange work under the auspices of India's Securities and Exchange Commission (SEBI). This means that by law, illegal wallets and traders who use them will be penalized as mentioned above. In addition, the Modi government plans to set a minimum investment limit for investing in cryptocurrencies. (Bloomberg)