crypto probe

For Indian crypto lovers, the Supreme Court lifting the ban on coin trading by the central bank on the eve of the pandemic was a big bang. But digital token buyers who foresee the giddy waves set off by global waves of Covid-relieved liquidity should know that neither easy money nor off-the-radar takeovers will do. It took time for the state investigation of the cryptosphere to begin, but it has happened. Deal tracking for tax started from July 1. Now an Enforcement Directorate investigation into crypto exchanges has left nerves taut. As reported, initial findings suggest poor data-maintenance by some crypto platforms. In some cases, the Know Your Customer norms may have been violated, with anonymous transactions conducted from overseas in violation of our foreign exchange law. Other irregularities are also being investigated. It is important that all such platforms operate within the legal limits. For years, crypto has been secretly whispered as a way to hide money. What was once done through business invoicing can now be done through a web of online transactions, doubts arose. It is not easy to uncover masked paths. Crypto regulation is needed only to optimize Indian capital controls. Let’s not waste any more time on this.