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Synopsis The Enforcement Directorate has asked WazirX to explain why “withdrawal from crypto wallets” is not a FEMA violation. Reuters Mumbai: The stand taken by the Enforcement Directorate (ED) on cryptocurrencies can unsettle crypto trading and all bourses in India. The agency, in its recent notice to WazirX, has asked the country’s largest crypto exchange to explain why ‘withdrawal from crypto wallets’ is not a violation of the Foreign Exchange Management Act (FEMA), a person familiar with the issue told ET. The ED notice puts a question mark on the very essence of cryptos and fundamental structure of the underlying digital ledger, blockchain, that allow holders of cryptos to freely transfer coins from their wallets to another wallet and to anyone, anywhere in the world.The agency had asked WazirX to explain transactions worth 2,790.74 crore. “These were carried out in violation of forex rules. WazirX’s platform allowed clients to transfer cryptocurrencies withou

Nischal shettyFinancial action taskForeign exchange management actEnforcement directorateTravel ruleநிசால் ஷெட்டிநிதி நடவடிக்கை பணிவெளிநாட்டு பரிமாற்றம் மேலாண்மை நாடகம்அமலாக்கம் இயக்குநரகம்