Despite its global popularity, cryptocurrency has struggled to gain solid footing in India, with the central bank remaining sceptical even years after its inception. Many support the RBI’s cautious stance, arguing that cryptocurrency offers little value while posing significant risks. As virtual currencies operate without the need for regulation, their very nature presents substantial threats. As a result, the future of cryptocurrency in India remains uncertain.
However, the Indian government has shown some openness to dialogue. A panel led by the Secretary of the Department of Economic Affairs (DEA) recently issued a consultation paper seeking feedback from stakeholders on how to regulate crypto assets. This indicates that the government is taking an active interest in shaping the future of digital currencies in the country.
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India’s G20 presidency marked a pivotal moment for cryptocurrency regulation. One of the most significant outcomes was a comprehensive discussion on a regulatory approach to crypto assets. G20 members, along with the IMF and FSB, jointly agreed on a Synthesis paper, setting the stage for a unified regulatory framework. The discussions outlined key elements of effective regulation while also identifying responsible entities for implementation.
Nevertheless, Finance Minister Nirmala Sitharaman recently noted that, despite global agreement on the need for regulation, each country will need to adopt its own legislative framework. This will require coordination within countries and across borders, demanding efforts at both the macro and micro levels. In September 2023, Economic Affairs Secretary Ajay Seth stated that the government would carefully consider the recommendations based on the consensus built and then decide on policies moving forward. Given the heightened risks associated with cryptocurrencies, especially for emerging economies, India must tailor its regulations to ensure stability.
As part of its regulatory efforts, India banned nine offshore crypto platforms, or Virtual Digital Asset (VDA) service providers, for violating the Prevention of Money Laundering Act (PMLA) of 2002. Even Binance, the world’s largest cryptocurrency exchange, faced scrutiny. However, in December 2023, Binance re-entered the Indian market after registering with the Financial Intelligence Unit.
India’s stance on cryptocurrency has been evolving. After introducing a ban in 2018 that prohibited Indian banks from facilitating cryptocurrency transactions, the Supreme Court overturned the decision in 2020. In the Union Budget 2022-23, a 30% tax on income from the transfer of digital assets was proposed, along with a 1% tax deduction at source (TDS) on such transactions to discourage crypto trading.
Globally, countries have adopted diverse approaches to cryptocurrency regulation. Some have imposed strict regulations, while others have opted for outright bans. India’s approach has been a mix of both.
Although India has historically taken a cautious stance toward virtual assets, it has been recognised that an outright ban is not an “easy option,” as the IMF-FSB paper pointed out. A ban could drive investors to more crypto-friendly regions, increasing financial integrity risks and potentially leading to India losing oversight of digital assets.
A more viable path forward is to regulate and supervise licensed or registered cryptocurrency issuers and service providers. This approach could help close information gaps and facilitate oversight of cross-border activities. The Cryptocurrency Bill of 2021, introduced in the Lok Sabha, was a significant step toward regulating India’s growing cryptocurrency market. The bill proposed guidelines for the Reserve Bank of India to create an official digital currency while seeking to ban all other private cryptocurrencies.
Despite the government’s efforts to limit digital assets, Chainalysis’ 2023 Global Crypto Adoption Index ranked India first among 154 nations for grassroots crypto adoption. This suggests that ordinary people in India are actively using cryptocurrencies in their daily lives, regardless of government concerns. Investors now await meaningful regulations that will address the growing interest in the sector while also protecting them from potential risks.
A bitcoin mining operation has been allowed to keep its development permit after concerns were raised about noise pollution.
The Beaver County project by Calgary-based MAGA Energy proposes two sea can containers of computers powered by four generators drawing from a natural gas well on site. The computers would operate 24 hours a day, seven days a week, running data algorithms to create cryptocurrency.
The facility would be located on a rural property 55 kilometres southeast of Edmonton.
The Beaver County Development Authority approved a development permit for the project. Notifications from MAGA were sent to property owners within 1,500 metres and nine adjacent owners by the development authority but no concerns were raised as a result.
However, a property owner beyond the notification area appealed the approval. Noise from an existing similar development 600 metres from the owner was creating a nuisance and they were concerned the proposed development would cause similar problems.
The Alberta Utilities Commission sets out permissible sound levels depending on population density and proximity to transportation, ranging from 40 to 60 decibels. The appellant argued the permissible sound level of 40 dB is excessive in a rural area and a lower limit should be used.
A Dec. 20 decision from the Alberta Land and Property Rights Tribunal upheld the permit approval.
“The predicted noise level of the generators is substantially below the threshold set by the AUC. No evidence was presented to suggest otherwise,” it reads.
“The generators incorporate some noise reduction features in their design, and additional mitigation features can be added if required.”
According to submissions from MAGA, the theoretical noise levels for eight residents ranged from around 19 to 25 dB.
The permit approval included a number of conditions, including around monitoring and potential sound mitigation. The project is also subject to Beaver County noise control bylaw.
During the appeal, the development authority reconsidered its position and was concerned about potential inaccuracies in noise calculations. It submitted revised conditions for consideration, including a new condition for the permit to be temporary for 18 months.
The well is projected to support natural gas to the generators for two to three years.
The tribunal added one condition: a five-year time limit.
The tribunal found that the five-year time limit would allow MAGA to “exhaust the resource in their estimated time frame,” and would enable the development authority to look at the operation’s impact.
The tribunal noted MAGA is still responsible for all other applicable permits and approvals required for the project from the appropriate authorities.
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Crypto-linked stocks were higher in premarket trade on Thursday, as traders hope 2025 to be a robust year for cryptocurrencies.
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SURREY, England — In an eye-opening study that sheds new light on the evolving landscape of digital financial crime, researchers have uncovered a striking pattern in Nigerian cryptocurrency fraud: all convicted perpetrators are male, and nearly two-thirds are under 30 years old. This revelation comes from recent research conducted through an unprecedented collaboration between academic institutions and Nigeria’s Economic and Financial Crimes Commission (EFCC).
The study arrives at a critical moment in global digital finance. Nigeria has emerged as the third-largest player in Bitcoin transactions globally, trailing only Russia and the United States, with cryptocurrency transactions reaching approximately $400 million. This surge in digital currency adoption reflects both opportunity and risk in Africa’s most populous nation, where only 36.8% of adults have access to traditional banking services.
“Our research reveals a disturbing surge in cryptocurrency fraud,” says study lead author Dr. Suleman Lazarus, a cybercrime expert at the University of Surrey, in a statement. “We’re observing a rising generation of young, tech-savvy male offenders who adeptly exploit digital platforms and cryptocurrencies to perpetrate high-stakes fraud.”
The research, published in Current Issues in Criminal Justice, reveals a clear geographical targeting pattern, with 55% of cases involving American victims. This international reach demonstrates how digital currencies have transformed the scope and scale of financial crimes, enabling fraudsters to operate across borders with unprecedented ease.
What makes these findings particularly intriguing is the fraudsters’ educational background. Despite the technical nature of cryptocurrency transactions, only a quarter of convicted fraudsters held university degrees, challenging assumptions about the expertise required for such crimes.
The digital toolbox of these fraudsters primarily consists of mainstream social media platforms. Facebook emerged as the preferred platform, used in 27% of cases, followed by Gmail at 22% and Instagram at 14%. These familiar platforms serve as hunting grounds where fraudsters establish trust before executing their schemes.
The financial scale of these operations is staggering. While some cases involved modest sums around $1,000, others reached heights of $475,000 in cash, with one case involving 1,200 Bitcoin – approximately $81.96 million. These figures underscore the lucrative nature of cryptocurrency fraud and its potential for devastating financial impact.
Bitcoin dominates as the preferred cryptocurrency for fraudulent activities, featuring in 46% of cases. This preference likely stems from Bitcoin’s decentralized nature and the relative anonymity it provides, presenting significant challenges for law enforcement in tracking and recovering stolen funds.
“As cryptocurrencies continue to gain popularity, our research serves as a wake-up call for law enforcement agencies, policymakers, and the general public to remain vigilant against the evolving threats in the digital financial landscape,” warns Dr. Lazarus.
The study illustrates how Nigerian cybercrime has evolved from traditional advance-fee scams to sophisticated cryptocurrency operations, reflecting broader changes in global financial systems and highlighting criminal enterprises’ adaptability. In a digital age where cryptocurrency promises financial inclusion and opportunity, this research serves as a crucial reminder of the shadow economy emerging alongside legitimate digital finance.
The study employed a structured approach, examining court records and case files of convicted cryptocurrency fraudsters from two major EFCC commands in Nigeria. Researchers analyzed 22 cases, documenting the fraudsters’ methods, preferred platforms, victim locations, and financial gains. This approach provided verifiable data from official sources, though it necessarily focused only on cases that resulted in convictions.
The findings paint a clear picture: all convicted fraudsters were male, predominantly under 30, with relatively low formal education levels. They primarily used social media platforms, with Facebook being the most common tool. Most targeted American victims, using Bitcoin as their preferred cryptocurrency. Financial gains varied significantly, demonstrating the range of schemes employed.
The research faced several constraints. The sample size of 22 cases, while providing valuable insights, represents only convicted cases, potentially missing more sophisticated operators who evade detection. Additionally, the focus on two EFCC commands might not represent the entire country’s cryptocurrency fraud landscape.
The research reveals an urgent need for international collaboration in combating cryptocurrency fraud. The predominance of young male offenders and their focus on American targets suggests a need for targeted intervention strategies and enhanced cross-border cooperation in law enforcement.
The study, conducted in collaboration with Nigeria’s EFCC, underwent ethical clearance from both the University of Portsmouth (clearance number 1110) and the EFCC. The research team reports no conflicts of interest, with one author’s EFCC employment providing valuable access to case files while maintaining ethical research standards.
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