Himachal Newsline
Thursday, February 2, 2023
No Result
View All Result
  • Home
  • Himachal Pradesh News
  • India
    • National
    • State News
  • World
  • Business
  • Education
  • Entertainment
  • Lifestyle
    • Health & Fitness
    • Fashion & Beauty
    • Travel
    • Food
    • Photography
  • Tech
    • App News
  • Auto
  • Others
    • Sports
    • Agriculture
    • Science
    • Astrology
    • Finance/Money
    • Press Release
    • Social Work
    • Religion
Himachal Newsline
No Result
View All Result

“DeFi” & “Trust Wallet” – Legal & Regulatory Concern in Crypto Space Globally?

Himachal Newsline Desk by Himachal Newsline Desk
November 2, 2020
in App News, Finance/Money, Tech
0 0
0
Share on FacebookShare on Twitter

Is regulation possible in a completely decentralized environment?

Mumbai, Maharashtra [India]: As such Crypto, Industry is on firing range from almost all the regulators across the globe. When it comes to Defi, the following are the legal & regulatory risk –

Enforceability & Legal Provisioning – understanding the legal nature of Digital or Crypto Asset, legal enforceability of smart contracts, and the parties to which legal liability will attach is itself a big challenge.

RelatedPosts

PayRup, India’s Fastest Payment app is launched

PayRup, India’s Fastest Payment app is launched

January 9, 2023
Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding

Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding

January 2, 2023

Dispute resolution –The potential multi-jurisdictional issues associated with resolving disputes that may arise between users and / or between users and the developers of a DeFidApp.

Data privacy – Data protection compliance in relation to the collection and storage of personal data and ensuring compliance with applicable data privacy laws.

AML –Anti-money laundering (AML) and know-your-customer (KYC) is the most important aspect in crypto space, DeFi is in regulatory and commercial risk.

IPR – dApps being developed do not infringe the intellectual property rights of others and potentially taking steps to entrench value in dApps developed through the protection of intellectual property rights in them.

Consumer Right – Consumer is King but in case of DeFi, it’s a matter of concern as well.

Regulatory frameworks/securities laws – analysis as to the applicable regulatory frameworks and securities laws that may apply to any digital tokens issued as part of the operation of a dApp, transactions taking place in relation to crypto-assets via a dApp, and/or the nature of activities being undertaken through the dApp will need to be fully understood.

Tax – What kind of Tax applicable to DeFidApp users for Personal tax consideration & What kind of tax applicable for Issuance of any digitized tokens is also a matter of confusion.

There is always a fear that global regulators could turn their eyes to DeFi as it grows in scale. Regulators will definitely use address checking services in order to blacklist certain users.

Any which ways conversion to Fiat from crypto at some point needs centralized exchange & then Financial Action Task Force (FATF) regulations come into play, which includes the ‘Travel Rule’ which requires Virtual Asset Service Providers (VASPs) to collect and transfer customer information during transactions.

When things will end up using Centralized exchange then DeFi protocols may be forced to adopt KYC and other regulations. In the name of “Trust Wallet”, most of the Ponzi operators running their MLM scheme in the model of “helping plan”, which means keep on introducing people & huge money rotation is on across the board.

More Info: https://finlaw.in/crypto-lawyer/, https://blog.finlaw.in/

Previous Post

With an innovative social mission in heart, JustAnilmission is helping rural Indians carve their footprints in the Global World

Next Post

Did you know that you can own a share of the CSK Team?

Himachal Newsline Desk

Himachal Newsline Desk

Related Posts

PayRup, India’s Fastest Payment app is launched
Finance/Money

PayRup, India’s Fastest Payment app is launched

January 9, 2023
Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding
Finance/Money

Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding

January 2, 2023
A new digital revolution lined up in the social space – Fancall makes its spectacular debut
App News

A new digital revolution lined up in the social space – Fancall makes its spectacular debut

October 20, 2022
Now booking rides become easier and faster with newly launched app ‘Hodo’ by Toyotech
App News

Now booking rides become easier and faster with newly launched app ‘Hodo’ by Toyotech

July 25, 2022
App News

Lelomoz – Made in India Short Video App to earn money

January 5, 2022
App News

Ronak Chourasia Speaks on Reeflix App

December 25, 2021
Next Post

Did you know that you can own a share of the CSK Team?

Kotak Partners Amazon.in for the Festive Diwali Sale

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Khel Now joins Bundesliga International as latest content partner to highlight best of German football throughout India February 2, 2023
  • Ananya Birla participated in the discussion on “The Role of Youth Against Climate Change.” February 2, 2023
  • Here is how young singer Rudransh Gowani is taking their family legacy forward February 1, 2023
  • Shaping the National Schools with International Accreditation Standards Council for International American Accreditation, New York now launching in India January 30, 2023
  • Basant celebrated at Nizamuddin Dargah: Syed Anis Nizami, Incharge Dargah Sharif January 28, 2023

Categories

  • Agriculture (11)
  • App News (13)
  • Astrology (3)
  • Auto (14)
  • Business (416)
  • Education (100)
  • Entertainment (151)
  • Fashion & Beauty (32)
  • Finance/Money (25)
  • Food (17)
  • Himachal Pradesh News (1)
  • India (2)
  • Lifestyle (416)
    • Health & Fitness (162)
    • Photography (5)
    • Travel (24)
  • National (119)
  • Politics (3)
  • Press Release (5)
  • Religion (3)
  • Science (94)
  • Social Work (32)
  • Sports (36)
  • State News (69)
  • Tech (61)
  • World (10)

Categories

  • Agriculture
  • App News
  • Astrology
  • Auto
  • Business
  • Education
  • Entertainment
  • Fashion & Beauty
  • Finance/Money
  • Food
  • Health & Fitness
  • Himachal Pradesh News
  • India
  • Lifestyle
  • National
  • Photography
  • Politics
  • Press Release
  • Religion
  • Science
  • Social Work
  • Sports
  • State News
  • Tech
  • Travel
  • World

Recent News

  • Khel Now joins Bundesliga International as latest content partner to highlight best of German football throughout India
  • Ananya Birla participated in the discussion on “The Role of Youth Against Climate Change.”
  • Here is how young singer Rudransh Gowani is taking their family legacy forward
  • Shaping the National Schools with International Accreditation Standards Council for International American Accreditation, New York now launching in India
  • Basant celebrated at Nizamuddin Dargah: Syed Anis Nizami, Incharge Dargah Sharif
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News

© 2022 Himachal Newsline

No Result
View All Result
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Home
  • Privacy Policy

© 2022 Himachal Newsline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In