Why does crypto trading apps in India don't have transparency in profit and loss statement? - letsdiskuss
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Medha Kapoor

B.A. (Journalism & Mass Communication) | Posted on | Education

Why does crypto trading apps in India don't have transparency in profit and loss statement?


| Posted on

Following official warnings that cryptocurrencies could be used to launder money, Indian cryptocurrency exchanges have begun reporting and banning trading accounts that participate in questionable transactions.

The self-regulation comes at a time when India has failed to pass any cryptocurrency legislation or taxation procedures.

According to industry trackers, investigators have raised red flags in recent months, including cybercrime officials, the Enforcement Directorate, and the Income Tax Department.

Initiatives such as the transparency report lend legitimacy to the ecosystem and make the crypto realm more accessible to outsiders.

We are combining our four years of robust policy with our technology in India to ensure that we produce goods and services that promote crypto usage while also reducing the danger of money laundering.

The fact that exchanges are becoming more aware of money laundering and other authorities coincides with India's plans to issue a cryptocurrency regulation.

Cryptocurrency has long been met with regulatory scepticism, with questions about whether it may be used for criminal operations ranging from drug purchases to money laundering.

The exchanges have always stated that if the cryptocurrency is built on blockchain technology, all records will be permanent, and it will be easier to determine the exact nature of transactions.

The report and think tank are part of our efforts in India to provide more clarity and openness for our users and policymakers in the crypto space.

The government has made it mandatory for businesses to disclose if they have traded or invested in cryptocurrencies in the current financial year, even as it prepares to introduce legislation in Parliament to prohibit private virtual currencies.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 intends to provide a favourable environment for the development of the Reserve Bank of India's official digital currency. It also wants to make all private cryptocurrencies illegal in India, with few exceptions to promote the technology and applications that underpin bitcoin.Letsdiskuss