India considers putting capital markets regulator in charge of crypto - Bloomberg

Poised to classify cryptocurrencies as financial assets, India is considering making its capital markets regulator responsible for overseeing crypto, Bloomberg reports, citing people with knowledge of the matter. Prime Minister Narendra Modi's government plans to introduce legislation that will probably give crypto holders a deadline to declare assets and meet any new rules, the people told Bloomberg. The bill, to be introduced during the ongoing parliament session, is expected to use the term "cryptoassets" rather than cryptocurrencies and won't refer to the central bank's plan to issue its own digital currency, one of the people said. Violators could be fined as much as 200M rupees ($2.7M) or sentenced to 1 1/2 years in prison under the proposals. The government is also considering establishing a minimum threshold for investing in the assets, in an effort to protect small investors, Bloomberg had previously reported. Last week, India Finance Minister Nirmala Sitharaman said