The Investor Protection and Education Fund (IPEF), an agency under India’s Ministry of Enterprises, has launched a campaign targeting the misuse of digital assets.
The IPEF has expressed concern over the rise in digital asset fraud cases in the country and the ignorance of residents to invest in the asset class, according to the details of the announcement. The outreach campaign will be extended to the online gaming industry and will be implemented nationwide.
“The campaign highlights that cryptocurrencies are not legal in India and that such assets carry deep risks. There are elements,” said an IPEF spokesperson.
IPEF has regularly conducted outreach programs, but this is the first time it covers the cryptocurrency ecosystem. The agency says it will focus on multiple areas of virtual asset fraud, including Ponzi, romance and pig slaughter scams.
IPEF awareness campaigns typically herald the introduction of new legislation, and insiders have already suggested that the cryptocurrency and online gaming industries may be subject to a new legal framework. The Treasury Department is already dabbling in digital asset regulation, and speculation is swirling that the Treasury is seeking international input before moving forward.
“Crypto-assets are by definition borderless and require international cooperation to prevent regulatory arbitrage. It will only come into effect through significant international cooperation.”
Rise of regulatory recommendations against digital asset villains
Regulators around the world are using public warnings to curb the activities of cryptocurrency villains. The Philippine Securities and Exchange Commission appears to have mastered the art of issuing public advisories against erring companies, for which he famously issued nearly 100 warnings in 2022.
U.S. regulators, including the Department of Justice, Federal Bureau of Investigation, and Securities and Exchange Commission, have issued warnings against the activities of digital asset fraudsters and companies offering unregistered securities.
The effectiveness of this strategy is difficult to judge, but its proponents claim it played a key role in reducing fraud incidents in 2022, prompting investors to make enough money before investing in the platform. I urge you to pay attention.
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