India mulls making crypto a tradable asset class

Karthik Subramanian

As many countries around the world continue to grapple with the question of cryptocurrencies and how to control and regulate their spread, India has been faced with the same quandary and it appears that the government might be inclined to treat it as a separate tradable class.

RJ O'Brien hires City senior exec Peter Jerrom

There have been conflicting signals of late from the Reserve Bank of India and the Indian government concerning cryptos. The only firm thing seems to be that a bill regarding cryptos, to be made into law, would be introduced within the next couple of months. What it contains continues to be a matter of conjecture though. Some recent reports have suggested that the Indian Finance Minister may want to be lenient on the crypto industry and may not outright ban the use of cryptos but would be more willing to treat it as a separate asset class like stocks, FX, and commodities.

But on the other hand, the RBI and a committee set up by the government to study the bill has proposed a much stricter treatment for cryptos with some of them calling for an outright ban on the use of cryptos within India as they believe that it would be difficult to monitor and regulate the cryptos which would, in turn, lead to it being used for illegal activities. These kinds of conflicting signals have placed the crypto community in India under a lot of confusion and the sooner it gets sorted, the better it would be for the crypto ecosystem in India.

Countries like the UK and Singapore have gone ahead with a lenient view and have chosen to regulate the cryptos rather than ban them outright. After enacting the laws, they have also been very diligent in going after companies that do not conform to the new laws and have either shut them down or have forced them to act according to the new regulations. Countries like El Salvador have gone one step further and have started considering bitcoin as legal tender.

On the other hand, countries like China have made a major crackdown on cryptos and have been shutting down the operations of all firms that are in any way related to crypto, including mining companies. The crypto community in India would hope that the government would take a favorable view of blockchain and crypto, where a lot of innovation is taking place, and choose to regulate it rather than shut it down outright.

Read this next

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.


Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.


Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”

Digital Assets

Metacade raises over $14.7M as presale set to close in 72 hours

Metacade, one of the most exciting GameFi ventures of 2023, has now raised over $14.7m as the presale goes into its final hours. With over 90% sold, the project expects to sell out ahead of their scheduled closing time, set for Friday 31st March at 23:59 Pacific Time. 

Digital Assets

Coinme launches Circle’s USDC on Stellar network

“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny.”