No Crypto ban in India as government seeks to regulate

Karthik Subramanian

It appears that in all probability, there may not be any crypto ban in India and it is quite likely that the government would be looking to regulate the crypto industry and avoid its usage as a payment system.

This was revealed by one of the media houses in India who had accessed a note that was tagged along with the law which will be sent to the Parliament for discussion and approval over the next couple of weeks.

Relief for the Industry

This should come as a huge sense of relief to the crypto industry in India and fact, this could spur further growth and innovation within the industry in India. It could also set the stage for the cryptos to go mainstream in the country which already has a massive userbase and the fact that it would become a regulated entity would only seek to give the blessings of the regulator on this industry which will, in turn, improve the confidence that the investors would be having in the industry and the associated companies.

Jay Hao, CEO of cryptocurrency exchange, OKEX.com, said: “Media reports around the Indian government planning to regulate are extremely satisfying. When OKEx entered the Indian market early this year, we were optimistic about India’s strong policy framework. We are now finally witnessing India’s crypto policy taking shape to ensure a better future for the country’s entire crypto ecosystem. We can now expect more foreign exchanges to enter India and invest in building the required technical infrastructure and hiring manpower to run their operations. The global crypto community will be closely monitoring the situation as we learn more about the finer details of India’s crypto law.”

Cryptos Not to be Kept Outside India

According to the note, the cryptos would henceforth be treated as crypto assets and hence brought under the purview of the Securities and Exchange Board of India (SEBI) which will treat them as tradable instrument like stocks. The crypto users would also be made to transfer all their assets from foreign exchanges into India and would also need to declare them. It is also reported that users will be given a specific timeframe to bring the assets back into the country and failure to do so would attract financial penalties. This framework is likely to be spruced up further and more details are likely to emerge in the coming days.

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