After imposing a 30% tax on gains generated from cryptocurrencies last year, the Indian government has now brought virtual digital assets like cryptocurrencies under the Prevention of money laundering act. What is PMLAct? Why is India tightening oversight on digital assets? What is the motive? Will this affect the crypto market? Will meme-coins like Dogecoin, and កាក់ភ្នែកធំ face any problems? These are the very few questions that crypto enthusiasts keep asking experts to find answers to.
What is PMLA?
Why Is India Tightening The Oversight On Digital Assets?
What is India’s Motive?
Will This Affect Crypto Market?
But unlike this, the Indian government’s latest move to bring Cryptocurrencies under PMLA will definitely create a positive atmosphere for the crypto market.
Cryptocurrencies have so long been accused of a lack of transparency and accountability. But India’s new move will change the status quo in the traditional crypto protocol.
With this new inclusion, cryptocurrencies will now be considered reporting entities which means the financial misconduct involving cryptocurrencies can be investigated by the Enforcement Directorate in India.
Hence, crypto dealers, exchangers, and intermediaries will now be required to perform KYC(Know your customer or client) and maintain the records of clients and users of the platform. They will also be instructed to inform the government of any suspicious activity.
This new move will make cryptocurrencies a regulated industry in India. This will make the crypto sector more transparent, and credible. Since a company or individual committing the offence of money laundering shall be liable to rigorous imprisonment of 3 to 5 years and a fine of up to 5 lakh rupees, investors will have a fear of messing up with cryptocurrencies.
Dogecoin
The advent of meme-coins into the crypto market has made it a fun-filled profitable business. Dogecoin is the first and foremost cryptocurrency that introduced the concept of meme coins in the crypto market. Over the past decade, Dogecoin has grown to become the number one meme-coin in the market by market capitalization. The coin has been enjoying the support of one of the world’s richest men, Elon musk. He had influenced Dogecoin’s market many times in the past. Even though Dogecoin offers the utmost secrecy and privacy to its investors, it won’t have any problem as long as it complies with the laws in India.
កាក់ភ្នែកធំ
Big Eyes Coin is one of the meme-coins that has been registering massive progress in its presale stage. The presale was rolled out in 2022 and has been growing since then. The Big Eyes Coin team has dedicated a platform for NFTs called sushi crew where users can buy unique digital assets. It also announced that it would spend 5% of its total supply to save the oceans in the world. Even though big eyes coin ensured the fastest transaction, ultimate secrecy, and transparency to its customer, it promised not to impose any tax or fee on its investors. It uses a native token called BIG that is being sold in its presale. In the 12th stage of the presale, a single unit of the BIG token costs only $0.00049. To boost the presale the Big Eyes Coin already released loot boxes that could return a furr-tune of BIG tokens worth up to 1 million dollars. It recently announced a vault pin for a BIG win. Investors who spend more than 100 dollars on buying BIG tokens will be given free loot boxes if they use vault pin 819 during purchase.
Since Big Eyes is in its presale stage it won’t be affected by India’s decision on bringing cryptocurrencies under the money laundering act. Though the coin will be asked to comply with the laws in India after it is launched in the market and listed in exchanges.
Learn More About Big Eyes Coin Here:
Presale៖ https://buy.bigeyes.space/
វេបសាយ: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
ការមិនទទួលខុសត្រូវ
រាល់ព័ត៌មានដែលសរសេរនៅក្នុងសេចក្តីប្រកាសព័ត៌មាននេះ ឬប្រកាសដែលឧបត្ថម្ភមិនបង្កើតជាដំបូន្មានវិនិយោគទេ។ Thecoinrepublic.com មិនធ្វើទេ ហើយនឹងមិនគាំទ្រព័ត៌មានណាមួយអំពីក្រុមហ៊ុន ឬបុគ្គលណាមួយនៅលើទំព័រនេះទេ។ អ្នកអានត្រូវបានលើកទឹកចិត្តឱ្យធ្វើការស្រាវជ្រាវដោយខ្លួនឯង និងធ្វើសកម្មភាពណាមួយដោយផ្អែកលើការរកឃើញរបស់ពួកគេ ហើយមិនមែនមកពីខ្លឹមសារណាមួយដែលបានសរសេរនៅក្នុងសេចក្តីប្រកាសព័ត៌មាននេះ ឬប្រកាសដែលឧបត្ថម្ភនោះទេ។ Thecoinrepublic.com គឺនិងមិនទទួលខុសត្រូវចំពោះការខូចខាត ឬការបាត់បង់ណាមួយដែលបង្កឡើងដោយផ្ទាល់ ឬដោយប្រយោលដោយការប្រើប្រាស់ខ្លឹមសារ ផលិតផល ឬសេវាកម្មណាមួយដែលបានលើកឡើងនៅក្នុងសេចក្តីប្រកាសព័ត៌មាននេះ ឬការបង្ហោះដែលបានឧបត្ថម្ភនោះទេ។
.
Source: https://www.thecoinrepublic.com/2023/03/13/india-brings-crypto-under-money-laundering-law-what-lies-ahead-for-meme-coins-like-dogecoin-and-big-eyes-coin/