Law and Legislation

Vision For A Productive Crypto Regulatory Regime In India.

Crypto exchanges in India are getting to present the country’s government & central bank with their vision for a productive regulatory regime, The Economic Times reported earlier on Tuesday.

The group – along with Unocoin, WazirX, CoinDCX, Paxful, Pocketbits, ZebPay, and Coinswitch – compiled a package of documents explaining the present state of the crypto-currency industry in India and possible ways to manage it.

The industry entreaty comes as Indian lawmakers float a possible ban on private cryptocurrencies.

The package is going to be sent to the Indian minister of finance Nirmala Sitharaman, the Reserve Bank of India, the Department of Economic Affairs, and therefore the Ministry of Electronics and Information Technology, consistent with the report.

The presentation, says India presently has over 10 Mln crypto users, over half-a-million day traders, and over 3,000 people employed within the crypto industry. The presentation mentions the money-laundering and environmental concerns associated with cryptocurrencies and suggests a package of policy proposals.

The exchanges suggested research on potential consequences if India bans crypto assets, proposals on the upcoming regulation, a draft code of conduct for crypto-currency exchanges to adopt, and a summary of cryptocurrency regulation practices around the world.

India is looking to pass its first-ever cryptocurrency legislation, though Sitharaman partly soothed industry fears of overreach. The minister of finance explained earlier on 15th March  that the govt will still “allow certain windows for people to try to experiments on the blockchain, bitcoin or crypto-currency.”

However, around the same time, rumors started circulating Indian authorities might start blocking IP addresses of cryptocurrency exchanges.

Despite the regulatory uncertainty, India has a lively crypto market, which grew significantly over the pandemic year of 2020, as reported earlier. The country features a large young population and is that the biggest online market within the world, consistent with research data.

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