The Big Four professional services firms have asked executives and partners, and their families, to disclose any crypto investments. The firms claim to be worried about potential conflicts of interest.
The Big Four professional services firms — Deloitte, EY, KPMG, and PwC — have all asked the executives and partners of Indian firms to disclose investments in cryptocurrencies made by them or family members in 2021. Local media outlet The Economic Times first reported on this, saying that it was part of an annual risk-assessment process.
Deloitte and PwC have asked these individuals to disclose investments as small as 10 rupees, which is 13 cents. The disclosure will also cover NFTs. The Big Four wants transparency over investments.
The concern is that there might be a conflict of interest if any of these executives or their family members have bought crypto assets. Failure to do so might result in a termination of their role or a fine, according to the sources that spoke to the outlet.
One source told the outlet that the investments were mostly carried out by younger individuals, which is unsurprising given that the crypto market is much more popular with the young. One executive even said that the firms asked him to stay away from stablecoins.
The Big Four are working with the country’s central bank, the Reserve Bank of India (RBI), on several initiatives. The RBI is currently in the midst of discussions to regulate the crypto market, and lawmakers are working on a bill, though it is uncertain what the overall position will be.
When will India announce crypto regulation?
Indian officials have been busy reviewing how to tackle the crypto market. There have been multiple reports saying that a ban was set to be introduced, but other reports have denied this. These frequent contradictory reports have brought much uncertainty to citizens’ investments, who are quite keen on crypto.
A cryptocurrency bill was due to be introduced in the winter session of parliament, but this was delayed. It appears that India will have crypto investors store their holdings on regulated centralized exchanges, as revealed in the latest reports on the matter. However, the country will not recognize bitcoin as legal tender.
Pro-cryptocurrency groups are enthusiastically lobbying the governments to get them to see the economic benefits. It is a matter of time before the government makes the announcement, which should clear up any confusion.
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