Title Image

Fin Tech

Beyond PMLA – The Future of Cryptocurrency in a Regulated World

Crypto currency transactions have been gaining popularity worldwide, as they provide a decentralized platform for financial transactions. However, with the increase in use of crypto currency, there is also an increase in the risk of it being used for illegal activities such as money laundering. In order to combat this, the Indian government has included crypto currency under the Prevention of Money Laundering Act (PMLA) 2002.

The PMLA is a law that aims to prevent illegal activities such as money laundering and terrorism financing. It requires financial institutions to keep records of all transactions and report any suspicious transactions to the authorities. With crypto currency now being included under this act, users of crypto currency must follow the same rules and regulations as traditional financial transactions.

Users of crypto currency must register with the authorities to be able to buy or sell crypto currency, verify their identity through a Know Your Customer (KYC) process, maintain accurate records of their transactions, and report any suspicious transactions to the authorities. Financial institutions that deal with crypto currency must implement KYC procedures and monitor transactions for suspicious activity.

Following the rules and regulations under the PMLA can help to keep the crypto currency industry safe and secure for everyone. By implementing KYC procedures and monitoring transactions, financial institutions can detect any suspicious activity and report it to the authorities. This helps to prevent illegal activities such as money laundering and terrorism financing.

In conclusion, the inclusion of crypto currency under the PMLA is a positive step towards ensuring the safety and security of financial transactions. Users of crypto currency must follow the rules and regulations under the PMLA to prevent illegal activities, and financial institutions must implement measures to monitor transactions for suspicious activity. By working together, we can help to keep the crypto currency industry safe and secure for everyone.

0

RBI Retail Digital Rupee Roll Out | #QuickUpdates | LawWiser

The RBI has recently rolled out retail digital rupee project. This project has been most talked about, as it aims to meet the need of public for digital currencies.

Watch LawWiser’s latest video on RBI’s Retail Digital Rupee Roll-out, where our host takes us through the details of this project.

Watch now to understand:

– What is the pilot project about?

– The purpose of the project

– How will this project work?

0

Proposed tokenisation of cards by the RBI

Watch now #LawWiser premium video on “Proposed Tokenisation of Cards by the RBI” featuring Gaurav Bhalla, Partner at Ahlawat and Associates sharing useful insights on RBI card tokenisation.

Gaurav explains the background, how tokenisation works, types of tokenisation, applicability, effects and much more in this video. He shares that tokenisation of debit and credit cards allows the generation of a ‘token’ number or an ‘alternate code’ to replace the 16-digit card number entered by the customer. Each token will be unique to the requestor, the user’s card, and the device with which the card is registered. The token request is made by the merchant of the online platform (on behalf of the card-holder or card owner) to a card network (eg – Visa; Mastercard and others) which will then issue a token.

There are different types of tokenisation available like 

(i) Format preserving tokens – These tokens replace the 16-digit numbers on a card with an altogether different set of 16-digit numbers.

(ii) Non-format preserving tokens – This system does not follow the 16-digit number format; and. replaces the original 16-digit card number with alphanumeric characters. Entities such as Razorpay uses non-format preserving tokens.

The system of tokenisation has been introduced by the RBI and is only applicable to domestic transactions. Tokenisation is used only for online transactions and is specific to a merchant.

The Reserve Bank of India issued a notification dated January 8, 2019, titled ‘Tokenisation –

Card transactions wherein it was announced that card networks for tokenisation in card transactions for a specific use case. This announcement extended to all uses cases/channels [e.g., Near Field Communication (NFC) / Magnetic Secure Transmission (MST) based contactless transactions, in-app payments, QR code-based payments, etc.] or token storage mechanisms (cloud, secure element, trusted execution environment, etc.). However, at that point, this facility is offered only through mobile phones/tablets.

Don’t forget to watch the full video to learn all about the Tokenisation of cards by RBI on LawWiser. 

#tokenisation #rbi #transmission #tokens #merchants #merchant #mastercard #source #virtualassets #msmeindia #msme #msmesector #msmes #rbipolicy #bankingindustry #banks #compliancesolutions #startup #startupindia 

0

Data Protection Bill 2021 – Key Takeaways

The Personal Data Protection Bill (PDP Bill) was first introduced in 2019, has seen a lot of hype since its introduction.

It is one of the most needed laws in India. However, two years later on 16 Dec 2021, the Joint Parliamentary Committee (JPC) has given its recommendations to both houses of parliament.

As the Data Privacy week comes to end we present to you our latest video on Data Protection Bill, 2021- Key takeaways where Avani Shukla from LawWiser helps us understand some of the key recommendations and changes suggested in the JPC Report.

#DataProtection #DataProtectionBill2021 #PersonalDataProtectionBill2019 #DataSafety #DataPrivacy #DataPrivacyWeek #DataSafety Data Protection Bill 2021- Key takeaways The Personal Data Protection Bill (PDP Bill) was first introduced in 2019, has seen a lot of hype since its introduction. It is one of the most needed laws in India.

However, two years later on 16 Dec, 2021, the Joint Parliamentary Committee (JPC) has given its recommendations to both houses of parliament. The Personal Data Protection Bill, 2019 is now renamed as Personal Data Protection Bill, 2021.

So, Let us understand what are some of the key recommendations and changes suggested in the JPC Report –

– Recommendation to include non-personal data within the ambit of the PDP Bill. This was done to protect data privacy in a better way and to avoid difficulty so that a single regulator can oversee all kinds of data.

– Recommendation to designate all the social media platforms, which do not act as intermediaries as ‘Publishers of content’. This will further allow them to select the receiver of the content and give access to any content posted on any social media platform.

– Recommendation for data localisation. This was recommended with the aim that the Central Government should ensure the protection of data associated with the citizens of the country and it should not permit the data of its citizens to be governed by other countries. It also recommended that such data should be mandatorily restored in India from foreign entities for the purpose of national security.

– Recommendation to include a 72-hour reporting period for any kind of data breaches under Clause 25(3). It has also recommended a homegrown alternative to the SWIFT payment system to boost the domestic economy and ensure privacy.

– Recommendation to implement the act within a time period of approx 24 months.

The duration is provided for the data processors and data fiduciaries to get sufficient time to adapt and change their policies and for proper implementation of the recommendations provided in the bill.

0

India-UK Data Adequacy Agreement – Cross-border Data Transfer

Watch Avimukt Dar, Founding Partner, IndusLaw explaining how the signing of the India-UK Data Adequacy Agreement facilitates cross-border data transfer.

He believes that India’s efforts in data protection laws, data protection authority, and many terminologies in the PDP Bill were based on aligning data privacy with the European Union GDPR.

He also explains that the European Union would view further negotiation with the UK very carefully due to the difficulty of data flow between them.

#UKIndia #Data #GDPR #UKIndiaBusiness #Trade #FTA #Brexit #PostBrexit #DataSecurity #DataProtection

0

UK-India FTA Talks – Opportunity for shaping Data & Digital Rules for both Countries

Watch Paul Baker, Founder & CEO, International Economics Consulting Ltd, discuss how FTA talks will shape both countries’ global data and digital rules.

He explains that USA’s approach is more commercial oriented and further talks about digital trade focused restrictions in China’s approach and how they have a very strong data localization requirements.

He believes that India is in a very strong position to shape the rules at the continental level

#UKIndia #UKEconomy #UKBusiness #UKTrade #Brexit #Post Brexit

0

Addressing India’s Data Localization Issues to bring it at par with Global Companies

Watch Ashish Chandra, Senior Legal Leader, Former Associate GC- WhatsApp on the data localization issues that need to be addressed to bring Indian companies at par with global companies.

He talks about the localization issues, ways to implement them, and dependability on the government about the same.

He explains that there are three types of data localization which are:- – Soft data localization – Hard data localization – Hybrid model

He believes that a mix of soft data localization and hybrid model can be used, and the government should look through it.

Watch more videos on UKUnlockSeries

#UKEconomy #UKBusiness #UKIndia #UKTrade #Bexit #PostBrexit #FTA #FreeTradeAgreement

1

UK-India Focus: Digital Trade | #UKUnlock22 | Panel – 2

We are super excited to share #LawWiser’s #UKUnlock22 Series latest video focusing on ‘UK- India Focus: Digital Trade’ powered by IndusLaw.

Watch our eminent expert panellists discuss various aspects and developments on digital trade between UK- India.

Our panellists:

Paul Baker, Founder & CEO, International Economics Consulting Ltd.

Ashish Chandra, Sr Legal Leader, Former Associate GC- WhatsApp

Avimukt Dar, Founding Partner, IndusLaw

discuss the following

– The data localization issues that need to be addressed to bring Indian companies at par with global companies

– Highlighting the importance of aspects that range from cross-border data flows, development, and adoption of innovative digital trading systems to establishing global cooperation on digital trade

– How does the signing of the India-UK Data Adequacy Agreement facilitate cross-border data transfer?

– How does FTA talks will shape global data and digital rules for both countries?

– How should Protectionism be addressed keeping in view that there needs to be a steady pace for digitization for growth of trade and services

Watch all this and much more! #TuneinNow. Visit LawWiser.com for more content

0

Cryptocurrency Advertisement Guidelines to Undergo Changes

Tune into this video where LawWiser takes you through the latest update on “Cryptocurrency Advertisement Guidelines to Undergo Changes”.

Watch Prabhjot Singh sharing the update on how with recommendations from the Advertising Standards Council of India the Government is looking to revise the advertisements guidelines for Cryptocurrency.

0

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Notably, there has been a tremendous increase of advertisements wherein we saw different film stars featuring in the ads of “Cryptocurrency,” promoting high investment returns in crypto. However, it has a dark side, too, as it has been used for certain illegal purposes.

Tune into this video, where LawWiser takes you through “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

Watch Prabhjot Singh briefly explain the reasons behind the ban on cryptocurrency.

0
Call Now ButtonCall us now!