India includes crypto businesses in its new rules for cyber security.
India appointed theEquipo de Respuesta a Emergencias Informáticas (CERT) of the country’s Ministry of Electronics and Information Technology as the national cybersecurity agency, including the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry, in a move that clarifies which agency has authority over suspicious or illicit activity in the sector.
As can be seen in the document of creation, the Emergency Response Team will act as the national agency to perform the following functions in the area of cybersecurity:
(a) Collection, analysis and dissemination of information on cyber incidents;
b) Forecasting and alerts of cybersecurity incidents;
c) Emergency measures for handling cybersecurity incidents;
(d) Coordination of cyber incident response activities;
e) Issue guidelines, advisories, vulnerability notes and white papers related to information security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. practices, procedures, prevention, response and reporting of cyber incidents;
(f) Other cybersecurity-related functions as may be prescribed.
About crypto companies
According to the information, the measure requires crypto companies, such as virtual asset service providers, to keep information KYC ‘Know Your Client’. A procedure when a trading platform or exchange would require you to confirm your identity in order for you to use them. (Know Your Customer) y registros de transacciones financieras durante cinco años “to ensure cybersecurity in the area of payments and financial markets for citizens while protecting their data, fundamental rights and economic freedom in the face of the growth of virtual assets.”
While the industry sees the announcement as a soft step toward regulation before specific crypto legislation is enacted, the government has not suggested that the move is a step toward regulation, according to the media outlet Coindesk. Un movimiento similar, pero mucho más fuerte, fue la regla of crypto transaction taxes announced in February and in effect since last month, which was much criticized . At the time, a senior official in the Ministry of Finance said that “the fact that it’s taxable doesn’t make it legal.” .
India’s crypto law remains yet to be passed with the government seeking a global consensus. India’s finance minister, Nirmala Sitharaman, has spoken several times about the potential of cryptocurrencies and blockchain, as well as the security concerns surrounding them.
“Blockchain itself is so full of potential not only in the payments arena, but in many others as well.” he said last week. “ Our intention is not to harm this (cryptocurrency or Blockchain).” . However, he added that “it can also be manipulated for less than desirable purposes, whether for money laundering or to lead to terrorist financing.” Last year also said that ” a futuristic thing could not be excluded”.
Coindesk clarifies that this is the first time the Indian government has made it clear that data must be kept in storage for a period of five years. KYC processes and data will have to be aligned with the guidelines of three entities: the Reserve Bank of India (RBI) the J Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Board of India (SEBI) and the Department of Telecommunications (DoT).
Crypto-companies must also designate a point of contact for CERT, the unit of the Ministry of Electronics and Information Technology, to have an open channel of communication regarding these new rules.
Speaking at a public forum Friday at Stanford University, Sitharaman asked una “collective global action”. for the effective regulation of this dynamic technology:
“If there is impatience out there in the world saying what are you doing with cryptocurrencies? I can understand the impatience, but I’m sorry, this is how it’s going to be. We’re going to have to take your time to make sure that at least with the available information given, we’re making a discerning decision. It can’t be rushed.”
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