As per certain reports in Indian media, it is understood that the Indian government may not be looking to ban crypto altogether after all with a framework being brought about to ensure that regulations are in place.
According to the report, the media house has been able to access a note along with the crypto bill that is likely to be introduced into the Indian Parliament over the next few weeks. It is expected that the cryptos would be classified as assets and would come under the purview of the Securities and Exchange Board of India (SEBI) which also regulates the stock markets in India. So it is likely that the crypto exchanges would also be treated on par with the stock exchanges in the country and would be regulated and would have to adhere to the various regulations that govern the stock exchanges. It is also likely that the crypto users would be made to bring in all their crypto assets into India and anyone who fails to do so would have to face the financial consequences.
Shivam Thakral, CEO, BuyUcoin, said: “We are extremely delighted but not surprised to see media reports regarding the government’s plan to regulate crypto assets, instead of banning them. Since the beginning, we have supported the classification of cryptocurrency as an asset class, similar to gold, stocks, and real estate. It will be interesting to see the timeline and manner in which the crypto bill is implemented across the diverse crypto industry in India. Crypto is officially set to go mainstream in India. This will further boost confidence and encourage investors to sit on the fence to start their crypto journey. The crypto startup community in India sees this as a defining moment that will provide much-needed recognition for the hard-working workforce employed by the crypto industry, and will generate large-scale employment opportunities for the country’s youth. With such ease of doing business for the digital asset industry, India is well on track to become a 5 trillion dollar economy.”
It should be a big boost to the entire crypto industry as it is likely to push cryptos into the mainstream in India and this would ensure a huge number of crypto users from India. It is also likely to set the stage for similar frameworks from other countries that can taken a leaf out of this book. All this promises to be interesting times ahead for the industry.