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Crypto Law, Crypto Regulation, Cryptocurrency Regulation, ED, Freeze Order, India, India Crypto, Indian Finance Minister, Nirmala Sitharaman, Nirmala Sitharaman Crypto, Vauld, Wazirx
Indian Finance Minister Tells Crypto Investors to Exercise Caution as Government Probes Exchanges – Regulation Bitcoin News
India’s finance minister has warned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms.
Indian finance minister warns against crypto
Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrency on Saturday at an event organized by the BJP Economic Cell. She warned the public and entrepreneurs that cryptocurrency is not currency, saying:
The government has already warned. I think we all need to share our thoughts and tread lightly on this.
On Thursday, News18 reported that the finance minister asked investors to be careful with crypto, stressing that a new cryptocurrency law is coming soon.
Her remarks came as India’s Enforcement Directorate (ED) is probing cryptocurrency exchanges in relation to its money laundering probe. The law enforcement agency has frozen the assets of at least two cryptocurrency exchanges this month. Wazirx’s $8 million worth of banking assets were frozen on August 5 and Vauld’s banking and crypto assets worth around $46 million were frozen last week.
In response to the ED’s allegations, Vauld released a statement on Saturday revealing that it cooperated fully with the ED and provided all necessary information and documents after receiving a subpoena in July. Noting that the freeze order is specific to a customer whose account was deactivated after using the exchange’s services for a short period of time, the company stressed:
We respectfully disagree with the freezing order. We follow strict KYC requirements in all countries, including India.
“We are seeking legal advice on our best course of action to protect the interests of the company, its customers and all stakeholders,” Vauld elaborated.
What do you think about the Finance Minister warning investors about crypto and the ED investigating crypto exchanges? Let us know in the comments section below.
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