Also Read | Urgency to fix India’s bankruptcy codeThe Fincen rules are open for public comments and the last date for providing feedback is 4 January, 2021. According to experts, the new rules can provide a template for cryptocurrency regulation in India. "The FINCEN rule will not directly affect Indian users, however it can provide a template for Indian regulators," said Kashif Raza, co founder, Crypto Kanoon, a legal information portal for crypto users in India. Despite the lack of regulation, enforcement agencies in India frequently ask for KYC details of customers from cryptocurrency exchanges. There is no legislative framework for cryptocurrency regulation in the country.

Source: Mint December 28, 2020 08:15 UTC