Is India Saying Bye-Bye 👋 to Crypto?

GM Guys and Gals,

It looks like the Indian government has finally come up with a new way to regulate the crypto industry - by putting them under PMLA!

But don't worry, it doesn't mean that all your favourite crypto businesses will be charged with a criminal offence. They just have to follow the same standards as banks and payment system operators. Easy peasy, lemon squeezy!

And if you're a freelancer working with web3 projects and foreign clients, you're in luck! There's no prohibition on accepting cryptos from abroad, as long as you declare it in your tax returns or through other means. So go ahead, take those foreign cryptos and run with them!

But what about non-custodial wallets? Will they have to make their users go through KYC/KYT? Fear not, dear friends! This law only applies to crypto businesses and wallets operating within India. So if you're using a non-custodial wallet, you can still fly under the radar (for now).

So is this news positive or negative for the crypto industry in India?

We say positive, baby! It's a huge step forward for regulatory clarity and shows that the government is taking steps to ensure that the industry can thrive in a regulated environment. Who knows, maybe we'll see some Indian crypto unicorns in the near future!

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀