India Plots Crypto Regulations
India plans to regulate cryptocurrency based on end-use, not just based on technology: “Crypto assets can be either categorized on the basis of the technology they use or they can be defined on their end-use. So, before talking about how the regulations should work, the government has to spell out what it means by cryptocurrencies. The government is not looking to allow payments and settlements through virtual currencies.”
The industry likes the message since any regulation would be preferred than being in a gray area.
The news of cryptocurrency regulation in India appears to have been well received by the cryptocurrency community in the country. Nischal Shetty, CEO of crypto exchange Wazirx, stated that “This step is very positive for the crypto industry and I’m glad that the government is taking this direction towards crypto regulation. This will bring more clarity for the entire industry and push more entrepreneurs into this sector. It will reduce the fear of VC investors wanting to invest in the crypto industry in India. For retail investors and traders, this will again boost confidence and bring in a sense of stability.”
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