Law, policy and other developments in 2022 relating to the Web3 sector in India. International International call for robust regulation and supervision of crypto assets: The Financial Stability Board (FSB) of which India is a member issued a statement amid the recent volatility in the crypto market, stressing the need for robust regulation and supervisionRead more
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This post covers four key policy and regulatory developments of 2022 concerning blockchain from the EU, USA, Singapore and Hong Kong. Europe & European Union (EU) Regulation (EU) 2022/858 – Distributed Ledger Technology Regulation (DLTR)[1] On May 30, 2022, The European Parliament passed the Regulation (EU) 2022/858 (“DLTR”) to establish and regulate a temporary pilotRead more
This article explains what are privacy coins, key regulatory concerns, and how these can be addressed. Blockchain is gaining popularity, but it has a privacy problem. Vitalik Buterin, the founder of Ethereum, summarizes the concern: “As seductive as a blockchain’s other advantages are, neither companies nor individuals are particularly keen on publishing all of theirRead more
In this blog post, we discuss the key changes from the Budget which impact the cryptocurrency sector. The Indian Finance Minister announced the annual financial statement (Budget) for the financial year 2022-23 on February 1. The Budget introduced some important developments for the cryptocurrency sector. The changes announced largely revolve around income tax on earningsRead more
In this blog post, we take a look at the key highlights from the Union Budget 2022-23, as tabled by the Union Finance Minister in the Parliament of India on 01 February 2022. On 1 February, Indian Finance Minister Nirmala Sitharaman (FM) announced the Union Budget (Budget) for FY 2022-23 and described its key takeawaysRead more
Crypto’s high returns have given bragging rights to cryptocurrency service providers, who leverage this in their advertisements. These adverts grab a lot of eyeballs – including those of the regulators. We discuss various regulatory approaches to crypto adverts. We all have a friend who tells us that a 1₹ investment in Bitcoin in 2010 wouldRead more
As the year ends and the holiday cheer begins, we bring a round-up of the discussion this year around crypto regulation in India. Despite expectations, the government has not introduced any regulations on cryptocurrency in the winter session of Parliament. This has left the crypto industry in a state of flux, with the lack ofRead more
NFTs are everywhere – from Amitabh Bachchan to the NBA. While India is deliberating a new law to regulate cryptocurrencies (and possibly NFTs), it is only fair to ask – one law to rule them all? NFTs have been at the centre of everyone’s attention ever since the much talked about sale of Beeple’s “EverydaysRead more
Last time, we gave you a good rundown of what you could expect from NFTs, as the fledgling tech vacillates between price speculation and progress. You’ve probably read enough about NFTs to know what they are – paintings, 3D images, videos, short clips, or just about anything that can have a digital identity. From our previousRead more
Round-up of key law and policy developments relating to blockchain and cryptocurrency in 2020. 1. INTRODUCTION In June 2019, the Financial Action Task Force (‘FATF’) updated its standards of anti-money laundering (‘AML’) and combating the financing of terrorism (‘CFT’) measures to regulate virtual asset service providers (‘VASPs’) in its member countries. FATF recommended its members toRead more