India To Up Crypto Regulation

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India To Up Crypto Regulation

India to Up Crypto Regulation

India could be one of the first few countries to regulate cryptocurrencies rather than imposing a ban. Various media reports from the country reveal the crypto coins would not be recognized as legal currencies but can be described as crypto assets. Market watchdog, the Securities and Exchange Board of India (SEBI), would be regulating the financial segment. Investors would be required to declare their assets and refrain from parking the coins on foreign exchanges.

Investors and traders holding the crypto coins in foreign exchanges would be asked to transfer within a certain timeframe after the proposed bill becomes a law. Failing to do so would attract financial penalties.

It was earlier reported the Indian government was considering creating an official digital currency and to ban private cryptocurrencies. However, the bill was reworked to cater to the changes taking place in the industry and not to impose a ban.

According to OKEX cryptocurrency exchange CEO Jay Hao, the media reports related to upcoming measures by the government seem satisfying and they are optimistic about the strong policy framework of the country.

OKEX entered the Indian market in 2021 and now witnessing the cryptocurrency policy taking shape for the better future of the entire crypto ecosystem. It is expected more foreign exchanges would enter the country and build the required technical infrastructure. They will be hiring manpower to operate in India. Meanwhile, the global crypto community is learned to be monitoring the situations and learn the final details of the upcoming law.

BuyUcoin CEO Shivam Thakral said they are delighted to see the media reports related to the plan of the Indian government to regulate crypto assets instead of imposing a ban on private cryptocurrencies. Cryptocurrency has been classified as an asset since the beginning and is similar to stocks, real estate and gold. However, it is to wait and witness how the bill is implemented.

He further added that crypto assets may go mainstream in India and investors would be encouraged. The crypto community in the country is observing it as a defining moment and would be the much-needed recognition by the government. The segment is said to be generating employment opportunities on large scale and probably the country may soon become a 5 trillion dollar economy.

The Cryptocurrency future is bright and still miles away from its full form. People have started witnessing crypto-based NFTs that help creators and artists to sell digital assets securely. Today, the segment is not just about digital currency, but blockchain technology is being used and experimented with beyond digital currency.

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