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Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

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A prominent Indian law firm Finlaw Associates along with Estonian Crypto Association recently announced its intention to submit a representation to the Indian government regarding cryptocurrency regulations in the country. The representation will be submitted to the Government of India’s Finance and Law Ministries by the last week of February 2021.

Currently, the absence of clear regulations for the cryptocurrency and blockchain sector has created a lot of uncertainties for the community. So far, the government has adopted an ambiguous stance towards cryptocurrencies and blockchain sector as it publicly claims to adopt blockchain technology for governance while shunning the cryptocurrencies that actually make the distributed ledger operational in the first place.

According to Adv. P.M Mishra, the Managing Partner of Finlaw Associates, the proposed regulatory representation will include a paper that is more or less focused on regulations related to the existing FEMA Act, SEBI guidelines on Securities, CIS (Collective Investment Scheme), RBI, Income Tax and GST.

In his words, Mr. Mishra answers few questions that are prevalent in the country’s cryptocurrency community.

Q: Why did Finlaw Associates think of bringing such a proposal? What is its need?

Adv. Mishra: We all know the idiom, “Ignorance is Bliss”, which may be true for some but ask anyone in commerce or finance and they will make it abundantly clear that “Ignorance is Risk”. Each market embraces reasonable regulations to ensure transparency and fairness, but when it comes to the emergent fourth asset class – cryptocurrencies, there is no single regulator in India. Such a situation has created an atmosphere of uncertainty and confusion.

In the absence of clear regulations for cryptocurrencies and blockchain technology, businesses in the sector are impacted, innovation hindered, and the arising lack of accountability has encouraged cryptocurrency-related fraud and Ponzi schemes to thrive.

If India has to emerge as a wise leader that encourages innovation, entrepreneurship and squeeze maximum benefits from crypto and blockchain technology, it has to lead the way with a well-balanced regulatory framework for the industry.

Q: How is India losing due to the lack of Crypto regulations? What’s its impact on innovation?

A: Without clear regulations, cryptocurrency innovation in India is being stifled. Entrepreneurs sit on the sidelines for fear of innocently running afoul of the law while investors hang back because of uncertainty regarding valuations.  Meanwhile, India will suffer as other countries lure innovators away by framing rules that make their jurisdictions more favorable to cryptocurrencies. The government also risks allowing fraudulent purveyors of cryptocurrencies to drive out the good.

Apart from the intellectual brain drain and fraudulent activities, clear crypto regulations also encourage more people to adopt cryptocurrencies, increasing the volume of transactions. It, in turn, creates a potential to generate additional revenues in the form of direct as well as indirect taxes without burdening the community.

Q: What is new in your proposal? How is it different from other proposed stuff in different countries?

A: Unlike the previously framed draft crypto regulations, we request the government to ensure adequate participation from all the stakeholders. In our proposal, we encourage the creation of a self-regulatory body to promote and enforce standards among the cryptocurrency community. At the same time, an interagency working group including the representatives from the crypto community needs to be convened to harmonize the existing regulatory practices and develop a formal policy on cryptocurrencies.

We believe that it is important to keep the general public updated about the crypto regulations, especially since the whole premise behind the creation of cryptocurrencies is decentralization and democratization of finance. By issuing a public notice on the proposed rule governing cryptocurrencies, the government should receive comments from the public and if required, make necessary amendments based on the received feedback.

The government should also officially recognize the importance of decentralization and use it as a basis for determining whether a cryptocurrency is a security or not. Usually, any cryptocurrency with the highest levels of decentralization does not qualify as a security.

These steps will help to promote order, consistency, and accountability within the crypto market without imposing undue burdens. It will also help India as a country to emerge as a wise leader in the regulation of cryptocurrency, which will spur entrepreneurship and innovation in this country. After all, wisdom – more than ignorance – is a truer form of bliss.

Similarly, amendments in the Income Tax and GST laws would provide clarity on the applicability of tax and finally, the Indian Penal Code (IPC) along with IT laws would recognize specific acts as offenses in order to impose penalties.

Q: Do you think cryptocurrencies will become the future money?

A: Cryptocurrencies are increasingly being recognized as a medium for value exchange in many countries, with some governments even allowing their citizens to pay bills and taxes with them. It is just a matter of time before bitcoin and other cryptos are universally accepted.

The emergence of neo banks is gradually moving the entire banking operations online. It also offers a great deal of flexibility and a strong use case for the use of cryptocurrency in banking – an opening for digital assets to enter mainstream finance.

The resilience of cryptocurrencies is evident from the way BTC bounced back following the COVID situation across the globe. At the same time, other countries including China are showing more than expected interest in crypto as they work towards shaping the future alternative economy. The ongoing race is more the reason for India to jump in and not left behind.

In the end, what we would like to convey is that our country is desperately in need of fintech regulation related to crypto, AI, blockchain, and more to stop Ponzi scheme operators, cybercrimes, and financial terrorism as a whole.

Mr. Mishra can be reached at [email protected] or +91-9820907711

Source: https://www.newsbtc.com/news/company/finlaw-associates-to-submit-draft-cryptocurrency-regulation-to-indian-govt-as-community-demands-for-clarity-mr-mishra-explains/

Blockchain

Tether Gets 500 BTC Ransom: Sender Threats to Leak Harmful Documents

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Tether, the company issuing the most widely-used stablecoin, USDT, has revealed that it got a ransom demand for 500 BTC. The sender has threatened the company to leak documents to the public that would “harm the bitcoin ecosystem.”

Tether Gets a 500 BTC Ransom Demand

Tether, the issuer of the popular USDT stablecoin, took it to Twitter to reveal that someone had threatened to leak documents to the public in an attempt to “harm the bitcoin ecosystem.”

The company explained that “forged documents are circulating online purporting to be between Tether personnel and reps of Deltec Bank & Trust and others. The documents are bogus.”

Furthermore, Tether explained that they’ve also received a ransom demanding 500 BTC, which is currently worth around $23.6 million. They also revealed that unless the ransom is paid, the sender would “leak documents to the public in an effort to harm the bitcoin ecosystem.” Also, Tether has no intention of paying the money.

What Now?

At the time of this writing, there’s no further information on what’s going to happen next.

It is unclear whether this is a basic extortion scheme like those directed at other crypto companies or people looking to undermine Tether and the crypto community as a whole. Either way, those seeking to harm Tether are getting increasingly desperate.

The company also said that the “forged communications and the associated ransom demand” were reported to law enforcement.

Interestingly enough, all of this comes about a week after Tether and Bitfinex reached a settlement with the office of the New York Attorney General, putting an end to a year-long lawsuit that many thought could really harm the ecosystem. Nevertheless, the company admitted to no wrongdoings and agreed to pay an $18.5 million fine.

However, as part of the settlement deal, the company has also agreed to no longer be able to deal with customers from New York.

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Source: https://cryptopotato.com/tether-gets-500-btc-ransom-sender-threats-to-leak-harmful-documents/

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Blockchain

Litecoin Price Analysis: 01 March

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The cryptocurrency market has been moving in a wave-like fashion with continuous crests and troughs. The market has been seeing spurts of growth in the price, but it did not trigger a price swing. Litecoin [LTC], also witnessed such a push in its price recently, but at the time of writing, the coin continued to move within a tight range.

The digital asset has a market capitalization of $10.99 billion and was being traded at $163.94.

Litecoin 1-hour chart

Source: LTCUSD on TradingView

The above chart of Litecoin has been noting the price consolidation between $155 and $181. Before the drop to this level, LTC was trading between $169 and $181 for a while. However, sudden selling pressure pushed it to this new price level.

This could mean that the LTC market may further this phase of consolidation as momentum in the Bitcoin market also noted a similar trend.

Reasoning

The Bitcoin market has been pushing the price of most altcoins in the market. Now that, the digital asset moves sideways after a little pump, the alts are also showing signs of consolidation.

Litecoin has shown that the volatility in its market has comparatively decreased as the Bollinger Bands converged. Meanwhile, the 50 moving average and signal line were beginning to witness a bearish crossover, which could be just a sign for the price to retrace within the above-mentioned range.

The Relative Strength Index has climbed to equilibrium due to the boost in price. This meant that the buyers and sellers were equal in the market, and hinted towards yet another spell of sideways movement for LTC. Meanwhile, the awesome oscillator noted the lack of momentum in the market.

Conclusion

The current trend prominent in the LTC market was of consolidation between $155 and $169. There has been bearishness evolving in the market, but the price swing may not be visible in the short-term.


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Source: https://ambcrypto.com/litecoin-price-analysis-01-march

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LetsExchange Launches Crypto Trading Service With Smart Exchange Rates

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LetsExchange Launches Crypto Trading Service With Smart Exchange Rates

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For each trade, LetsExchange instantly selects the best rate across the world’s leading crypto exchanges and lets the trader secure this rate at the beginning of the transaction. 

Cryptocurrency trading can be a very lucrative activity. Because of the price volatility of many coins, the possibilities to make gains through short-term trading are big. Two factors influence the outcome of a trade. First, the trader must buy crypto at the best possible rate. And second, the trader must be able to buy or sell the crypto assets without delays.

The LetsExchange platform has been designed to maximize traders’ gains by facilitating the two factors mentioned above. With the use of this service, traders can get the most profitable exchange rate available on the market at a given moment. What’s more, the platform ensures that the said rate remains unchanged until the trade is completed.

This newly launched service also eliminates delays in the processing of transactions by waiving registration, KYC screening, and other authentication and authorization procedures. The platform’s founders elaborate on these features that allow traders to maximize their gains:

  • The registration process and KYC authentication are time-consuming. Traders usually cannot afford to waste much time in such procedures as the cryptocurrency market is volatile, and exchange rates may change significantly within a few minutes. With LetsExchange, traders can benefit from these fluctuations by buying and selling cryptocurrencies as soon as they decide, without hassle and delays.
  • LetsExchange works with the world’s top crypto exchanges including Binance, Okex, KuCoin, Gate, Huobi, and more. By using its SmartRate technology, the platform always offers the most profitable rate across all the exchanges. In this way, traders won’t waste time in comparing rates and researching the market status at a given moment.
  • This platform offers the possibility to secure the most profitable exchange rate by selecting the Fixed Rates option. This feature will maintain the said rate unchanged until the completion of the trade. But if a trader prefers to forecast the rate fluctuations in a bid to maximize their gain, the floating rates option allows doing it. Each trader has the freedom to choose the most convenient strategy.
  • Thanks to the use of fully automated exchange algorithms, the only delay in the processing time of a transaction depends on the network speed of the selected cryptocurrency. During Beta testing of the platform, the average transaction time was 25 seconds.

The LetsExhange platform at https://letsexchange.io is now ready to help traders maximize their gains by guaranteeing the best rates and eliminating unnecessary delays.

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About LetsExchange

LetsExchange is a one-stop multicurrency exchange service free of registration, limits, and complications. It supports 210+ coins, about 45,000 currency pairs and automatically selects the best rate across all major crypto exchanges for each trade. Built by a team of crypto visionaries with 10+ years of experience in the blockchain space and fintech, LetsExchange saves your time at each step of a crypto swap and amplifies your trading revenue.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/letsexchange-launches-crypto-trading-service-with-smart-exchange-rates/

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