2020-3-19 21:19 |
A filing that was submitted to the Lok Sabha, which is the lower house of the Indian parliament, reveals that some Bitcoin (BTC) companies in India were fraudulent.
Mohammed Faizal, a center-left member of the parliament, asked on March 16 the official question if the government is informed of the large number of reports on BTC companies committing fraudulent activities. The parliamentarian also asked if the crypto firms that don’t file annual balance sheets are violating the Corporate Affairs Ministry’s rules repeatedly.
The Registrar of Companies Includes only 2 CompaniesAnurag Thakur, the Minister of State for Finance and Corporate Affairs, answered Faizal’s questions by confirming that the companies he was referring to aren’t defined by the Companies Act. Only 2 of them that operate BTC are registered at the Registrar of Companies of the Ministry of Corporate Affairs, these 2 being Unocoin Technologies and Zeb IT Services. Thakur continued with his answers by saying that Zeb IT has been previously prosecuted for violating the Companies Act and now is in liquidation, whereas Unocoin has its filings up to date and not a single complaint pertaining to it.
The RBI Ban Being Repealed Has Many Crypto Companies Coming to IndiaEver since the Supreme Court of India reversed the Reserve Bank of India’s (RBI) prohibition on financial institutions that serve the crypto space, cryptocurrency businesses have started to rush into India. In only 24 hours from the ruling, Unocoin had reactivated its fiat deposit services, together with Coindcx, the partner of OKEx, and Wazirx, the exchange owned by Binance.
This happened in spite of what Thakur said that no company is registered with the Ministry of Corporate Affairs. Kraken also announced that it’s planning to expand its operations to India, whereas on March 17, KuCoin said it wants to enter the Indian market too.
The Crypto Industry Still Has an Uncertain Future in IndiaIn spite of the optimism that’s in India right now when it comes to crypto, the future of this industry in the country remains uncertain. The 2019’s Banning of Cryptocurrency and Regulation of Official Digital Currency Bill is still to be ruled by the parliament, not to mention the RBI plans to make an appeal against the Supreme Court’s decisions to lift the crypto ban.
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