Cryptocurrency: A Guide to Legalities
Understanding the Murky Waters of Cryptocurrency Regulations
In the ever-evolving landscape of digital assets, the legal status of cryptocurrency remains a topic of ongoing debate and regulatory fluidity. In India, cryptocurrency exchanges must now abide by new disclosure rules. However, the broader regulatory framework for cryptocurrencies continues to be ambiguous.
Global Landscape of Cryptocurrency Legalities
Globally, cryptocurrency norms vary widely. In 119 countries, including the UK, cryptocurrencies are deemed legal. However, in some jurisdictions, their status remains uncertain or subject to change.
India's Regulatory Journey
India's regulatory approach to cryptocurrency has been a roller coaster ride. In 2018, the Reserve Bank of India temporarily banned financial institutions from dealing with cryptocurrency. However, this ban was later overturned by the Supreme Court in 2020.
In 2021, the Ministry of Corporate Affairs introduced new rules requiring businesses trading in cryptocurrency to make disclosures. The legal framework is still being shaped, emphasizing the need for caution and adherence to regulatory developments.
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