- This topic has 0 replies, 1 voice, and was last updated 1 year, 4 months ago by
.
Viewing 0 reply threads
-
Posts
-
-
UHow can one trade cryptocurrency in India? I understand that forex trading is banned due to a lack of regulatory oversight of brokers and the FEMA Act. Yet, people use Exness and other unregulated brokers, finding loopholes like P2P transactions, which are full of scams, and I don’t even understand how they settle the amounts. So, let’s forget about the forex market. What about cryptocurrencies/virtual currencies? Are they allowed to be traded? Some brokers like CoinDCX and others are openly advertising, but are they regulated? And do those trading with them expose themselves to any legal risks? When remitting funds, banks often ask and confirm multiple times, even asking for a self declaration confirming that you won’t use the remitted funds for trading forex currencies, Bitcoin, or other virtual currencies, warning of potential legal risks. They also ask for proof documenting how you used those funds within 90 days, according to extant regulatory guidelines in India. So, I need someone’s advice. Millions trade in these markets, but there’s no clear legal advice about how it works, what risks one takes on, and what steps one needs to take to make it legal. If banks can impose such restrictions and ask for your assurance multiple times before proceeding, how are those brokers still advertising and having their apps available for download on app stores? Why aren’t they banned outright and also made unavailable from app stores, just like what happened to TikTok? It seems confusing.
-
Viewing 0 reply threads