New crypto bill proposes 1.5 years jail time for anyone violating new rules: Report

All the crypto holders in India will be given a deadline to declare their assets and meet any new rules. Anyone who violates, will be punished.

The new crypto bill proposes strict punishments on anyone who violates the rules set by the government, according to a report by Reuters. The government had tabled the bill during the winter session of Parliament and earlier planned to ban all cryptocurrencies. However, the report suggests that it is now considering appointing a markets regulator to oversee cryptocurrencies and classifying cryptocurrencies as financial assets.

All the crypto holders in India will be given a deadline to declare their assets and meet any new rules. The bill is likely to use the term ‘cryptoassets’ rather than ‘cryptocurrencies,’ and won’t refer to the central bank’s plan to create its own digital currency. There will also be a law to make those who infringe the law subject to arrest without a warrant and being held without bail.