India has implemented Anti money laundering rules on Crypto//10% to tron-fan-club //31 October 2023
Hello friends hope you are doing well.I am also very well . I am going to share this post with you today with lots of love and congratulations to all members of the @tron-fan-club community.
India has been one of the countries that is part of the discussion from time to time because of many news updates. Sometimes it's tax, banking services, and now it's AML rules. As per the latest update, the Indian government has introduced the AML applicability for cryptocurrencies. This means all the Indian cryptocurrency exchanges have got the authority to report any such transactions. They are like a gatekeeper who are going to control such suspicious transactions. If they observe that something is fishy then they're supposed to take the action by reporting it to the government.
Although there is no change in the other things here like taxation. Exchanges are still struggling with withdrawal for the Fiat currency as they're not getting banking support. This is one of the pain areas where they need support and I hope something happens that can make things easy for the customers. This makes it difficult for Indian users to deal with Crypto because they aren't getting instant withdrawals from the exchange.
There is no clarity that how much time it's going to take to get the fix done but this has been going on for quite some time. Let's hope that things get improved because now the government is earning taxes but they are not doing anything to make it easy for people. It's not a good thing when the government is not ready to provide a favorable environment to users but they are ready to take the higher cut as part of the taxation.
There are multiple things to get addressed and I hope that attention is paid to by the relevant authorities. Even exchanges try their best to stay compliant so that there is no issue from the government side.
I see this as a positive movement and even many people in the cryptocurrency space share the same thought. Now the government has given the exchange a power that earlier banks had. This can be considered a good move towards regulation. The finance minister has been talking about the regulation for quite some time and probably they are going to do it this way where things are implemented in parts.
Although there is no change in the other things here like taxation. Exchanges are still struggling with withdrawal for the Fiat currency as they're not getting banking support. This is one of the pain areas where they need support and I hope something happens that can make things easy for the customers. This makes it difficult for Indian users to deal with Crypto because they aren't getting instant withdrawals from the exchange.
There is no clarity that how much time it's going to take to get the fix done but this has been going on for quite some time. Let's hope that things get improved because now the government is earning taxes but they are not doing anything to make it easy for people. It's not a good thing when the government is not ready to provide a favorable environment to users but they are ready to take the higher cut as part of the taxation.
There are multiple things to get addressed and I hope that attention is paid to by the relevant authorities. Even exchanges try their best to stay compliant so that there is no issue from the government side.
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