Experts deliberate upon the evolving Crypto Regulatory Framework

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     *Indian stakeholders urge the government against ban and seek engagement to build consensus on crypto regulation

* Consultation and dissemination of information between the government and the industry participants is crucial to determining the most appropriate regulatory framework and supporting innovation

Bangalore, May 15, 2021: Framing an appropriate regulatory framework for cryptocurrencies and crypto assets continues to be a challenge with countries taking differing approaches to find a solution. India’s leading Cryptocurrency players, represented by IAMAI (Internet and Mobile Association of India) and its Blockchain and Crypto Assets Council (BACC) members, organized a webinar on Friday, 14 May 2021 on the theme, ‘The Evolving Crypto Regulatory Framework – Developments in India and Singapore’ with experts from India and Singapore deliberating on the topic. ,.

Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to Government of India’s Digital India vision. The Government of India had earlier indicated that it would take a ‘calibrated approach’ towards digital assets and formulating a Bill on cryptocurrencies. A final decision is yet to be taken.

In this regard, it would be useful to consider the approach of other jurisdictions such as Singapore that has taken a balanced approach with regulations aimed at preventing nefarious activity without impending technology innovation. Following enhancements earlier this year to the Singapore Payment Services Act, any entity that facilitates the transmission, exchange or storage of digital payments tokens also known as cryptocurrencies require a license to operate and are subject to expanded rules and regulations set by the Central Bank of Singapore. 

Mr. Nischal Shetty, CEO WazirX said that “There are over 1.5 Crore Indians holding over 1500 Crores worth crypto-assets. WazirX signed up 1.1 Million users and recorded a volume of $5.4 Billion USD in April 2021 alone. India is no longer a niche market, but a rapidly growing finance market. Despite the growth in crypto adoption, India is behind in terms of both regulations as well as number of successful crypto startups. India needs its own crypto unicorns and better regulations, and for this, we must encourage our entrepreneurs to build for crypto.” He further added that “The Indian crypto industry is eager to help the government formulate right regulations so that India can stay competitive with the rest of the world.”

Drawing attention to established cryptocurrency regulatory frameworks from developed economies, Mr. Jaideep Reddy, Leader, Crypto-Assets and Blockchain, Nishith Desai Associates said, “Courts have generally not upheld outright prohibitions where there is a less drastic alternative. The approach of multiple leading jurisdictions shows that effective regulation is possible without resorting to a ban.”

Mr Shetty’s firm WazirX is a member of the Blockchain and Crypto Assets Council (BACC) of the IAMAI.

With a special emphasis on regulation of crypto market in India, Mr. Vivek Kathpalia, Head, Singapore Office and Leader, Technology Law, Nishith Desai Associates, said, “India and Singapore are both emerging as fintech hubs and we hope that regulation in India will catch up soon with global best practices”.

Stressing the need for collaborative effort amongst regulators and industry, Mr. Sriram Chakravarthi, Counsel, Rajah & Tann Singapore LLP stated that “in order to create an effective regulatory framework, governments should collaborate with the crypto-industry and representative bodies, and consider international approaches – particularly on the cross-border aspects of crypto-regulation. Consultation and dissemination of information between the government and the industry participants is crucial to determining the most appropriate regulatory framework and supporting innovation.

India needs smart and sensible crypto regulation, which can lead to the financial revolution and contributes to India’s growth story.

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Unique Anti-virus Product Packaging in Pandemic

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Virus Attenuation Device Maker Shycocan also comes with unique Anti-virus Product Packaging in Pandemic

  • The unique packaging solution consists of an anti-microbial coating with silver ion technology that has been validated with an efficacy of 99% viral reduction
  • It provides an added layer of protection from Coronavirus for consumers and others who may come in touch with the packaging of the product

May 12, 2021: Most consumers are constantly worried about transmission of the virus from packaging of e-commerce deliveries and more and have to keep disinfecting the cartons, boxes that arrive from outdoors. But Shycocan, the makers of the world’s only virus attenuation device that disables the Coronavirus and Influenza virus families in enclosed spaces with 99.9%* efficacy indoors as proven in multiple lab tests also comes with an anti-microbial packaging to provide its customers the safest possible experience in the current Covid-19 times. The pandemic-proof packaging solution, sourced from Bangalore-based packaging innovator Ficus Pax, consists of an anti-microbial coating with silver ion technology that is validated with an efficacy of 99% viral reduction. It provides an added layer of protection from the Coronavirus for consumers and others who may handle the packaging of the product as it moves through the supply chain.

The Covid-19 pandemic has thrown up challenges in all spheres of life. A major concern is the prevention of transmission of infection from hard surfaces, textiles, paper products, etc. The anti-viral packaging solution effectively protects the Shycocan device and its packaging from harmful pathogens like bacteria, fungi and viruses. Whilst anti-microbial packaging technology would never replace good hygiene practices and due care, the extra protective layer provides consumers with the confidence and trust they require in these unprecedented times. The technology will further build consumers’ confidence around handling packaging in their homes.

Said Alok Sharma, CEO, Shycocan Corporation: “The Shycocan device has been proven to disable the Coronavirus and Influenza virus families in enclosed spaces with 99.9% efficacy, as per various virology reports from accredited laboratories worldwide. It is only fit that it gets an anti-viral packaging to match. Post the outbreak of the pandemic, packaging of products plays a vital role in our lives. The concerns of consumers about the ability of Coronavirus to survive on packaging and hard and soft packing materials has made it imperative to provide the Shycocan device with an active anti-microbial shield.”

He added: “The new coating over the packaging with silver-ion technology has addressed all consumer concerns about handling and cleanliness throughout the supply chain, from our factory to the doorsteps of consumers, reassuring them that they are protected from infection regardless of how many hands the package has passed through.”

Manufactured by Bengaluru-based Shycocan Corporation, the wall-mounted, cylindrical devices have no chemicals, UV rays, radiation or side-effects, and are completely safe for humans, animals and the environment. They work on all current and future variants and mutants of the Coronavirus and Influenza family of viruses, protecting people’s health and saving millions of hours of lost productivity.

Dr. Rajah Vijay Kumar, Inventor of Shycocan, developed a specialized device made of a super-alloy which produces photons of high intensity when excited. Upon striking solid surfaces such as walls, furniture and dust particles in the air, these photons emanate electrons. These electrons get attached to the positive protein on the shell of the Coronavirus and Influenza family of viruses, neutralizing their positive charge and preventing them from infecting other people. In the presence of Shycocan, anyone touching a previously infected surface will not contract the virus as it would have been attenuated. The Shycocan device provides far greater protection than any other technology available. The super-alloy that generates photons does not deteriorate, due to which Shycocan has a long lifespan and requires minimal servicing and no consumables.

A single device when mounted has an effective coverage area of 1,000 Sq. Ft (or 10,000 cubic feet). Multiple devices can be installed to cover a larger indoor space. The device is already in use in India, US and many countries in Europe, Asia Pacific, Australia, New Zealand, Middle East, and South Africa. It is seeing a robust demand from institutional buyers. The company has shipped more than 25,000 devices already. Shycocan is enabling schools, colleges, homes and businesses like hospitals, hotels, offices, restaurants, auditoriums, transportation, retail, and airports get back to normal and serve their internal and external customers in a safe environment.

Attached is a short video about the installation from the Advance Valves factory in NOIDA:

Link: https://www.youtube.com/watch?v=xvvNlkKcG2c

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ED initiated investigation on the basis of various FIRs registered by CID

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Enforcement Directorate (ED) has issued a Provisional Attachment Order under the Prevention of Money Laundering Act, 2002 (PMLA) attaching Rs.76.67 Crore, lying in various bank accounts and payment gateways pertaining to Chinese Loan App companies and their Indian associates.

ED initiated investigation on the basis of various FIRs registered by CID, Bengaluru based on the complaints received from various customers, who had availed loan and faced harassment from the recovery agent of these money lending companies. The amount attached by ED pertain to 7 companies out of which three are Fintech companies namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are controlled by the Chinese nationals and three NBFCs registered with RBI namely X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited. The Fintech companies have agreement with respective NBFCs for disbursement of loans through digital lending apps. The amount attached by ED also include amount of fee charged by Razorpay Software Private Limited to the extent of Rs.86.44 lakhs for not conducting due diligence in case of one company enrolled with it for disbursement and collection of loans.

Money laundering investigation by ED revealed that these Chinese loan apps offered loans to individuals and levied usurious rate of interest and processing fees. The loan apps through their recovery agents resorted to systematic abuse, harassment and threatening to the defaulters through the call centers for coercive recovery of the loans by obtaining sensitive data of the user stored on mobile such as contacts, photographs and using them to defame or blackmail to the borrower. They even threatened the borrowers by sending fake legal notices to their relatives and family members. Investigation further revealed that the money lending business has been indeed being run by these Fintech companies for which they are not authorized to do under any law and these NBFCs knowingly let these fintech companies to use their names for the sake of getting commission without being careful about the conduct of these fintech companies in dealing with the customers who are vulnerable section of the society and are in dire need of funds due to prevailing pandemic situation. The same is also violation of the Fair Practices Code of RBI.
Further investigation is in progress.

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Amara Raja Resumes Production; Committed to Environment and Sustainability

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Tirupati / May 9, 2021: Amara Raja Batteries Limited (“The Company” / “ARBL”) has resumed operations at its plants at Nunegundlapalli and Karkambadi at Chittoor District with effect from 8th May, 2021 after Hon’ble High Court of Andhra Pradesh granted an interim suspension of the orders passed by Andhra Pradesh Pollution Control Board (APPCB).

Continuing with its focus on the best-in-class systems and processes for environmental, safety and health practices, the Company will continue to engage closely with APPCB to resolve any potential issues.

The Company is confident of meeting all its supply commitments and assures all its stakeholders that the temporary disruption caused during the last few days will not have any material impact on its operations or order book.

“We have taken proactive measures to ensure that all our obligations to supply products and services to our customers are met in a timely manner without causing any inconvenience, whatsoever. We are assessing the impact of the short term disruption, and gearing up to sufficiently cater to the demands of all our customers and business partners. We also take this opportunity to thank all our employees, customers, partners, vendors and all other stakeholders who reposed faith in us and we will continue to strive to meet all their expectations,” a Company spokesperson said

The Company reiterates its commitment for excellence in complying with all the regulatory requirements. As a responsible corporate citizen, ARBL has always placed highest priority on the environment and to the health and safety of its workforce.

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Muthoot Finance initiates a vaccination drive in Karnataka

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Bangalore, May 2021: Muthoot Finance is India’s largest gold loan NBFC. The company has initiated a COVID-19 vaccination support project through its mobile laboratory Muthoot Snehasraya in association with Myvacc.in team that will provide vaccination drives in Karnataka. ‘Muthoot Snehasraya’ is a CSR initiative of Muthoot Finance Ltd, intended for prevention, early detection and awareness of Kidney related diseases and for supporting dialysis patients by financial aid.   MyVacc.in is a platform for vaccinations of children and adults at home, corporates at offices, communities and schools.

Muthoot Finance aims to help the underprivileged 45+ segment to get vaccinated and encourages vaccination to build a protective shield that will help in fighting against the second-wave of COVID-19. This initiative will be carried out free of cost.

Mr. George M Alexander Muthoot, Executive Director, Muthoot Finance said, “The core objective of Muthoot Finance Snehasraya project is to protect and get the underprivileged vaccinated for free. We will expand this vaccination project to other states in the upcoming months.”

Muthoot Finance is extending vaccination drives through Muthoot Snehasraya mobile laboratory with the help of Myvacc.in which will be providing COVID-19 vaccines at the doorstep across several areas in Karnataka.

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