One-third of the 115 million cryptocurrency investors are concerned about the nature of the Indian government’s yet-to-be-rolled-out legislation, according to data from KuCoin’s “Into The Cryptoverse India Report” poll.
According to Finance Minister Nirmala Sitharaman, who spoke at the Indian Council for Research on International Economic Relations (ICRIER) earlier this month, “digital financial technology is moving swiftly forward in India,” creating regulations for cryptocurrencies is one of eight priorities under India’s G20 presidency. The current FTX debacle is in fact anything but confirmation of it.
“Many market participants are desperately seeking more regulation stability and transparency. This necessitates new standards, norms, and laws, according to Raj A Kapoor, creator, and CEO of the India Blockchain Alliance, who spoke with FE Blockchain.
Some of the nations that have outlawed cryptocurrencies include Bolivia, Bangladesh, Ghana, and Nepal. The following research, published by Statista, a German provider of market and consumer data, lists the national and regional economies in which cryptocurrencies will no longer be accepted as of November 2021.
Dileep Seinberg, founder and CEO of MuffinPay, a firm that handles bill payments, stated that there is an urgent need for uniform regulation in the cryptocurrency market because it will legalize the industry, which is now operating in the shadows as a result of the FTX crash. Seinberg stated that cryptocurrency gamers “will know their limits and have explicit directions for the activities.”
The Finance Minister further asserted that regulating cryptocurrencies was in India’s best interests since there was a chance that transactions may be used for “drug funding” or “terror funding.”
Industry analysts believe that crypto regulation presents a chance for the sector to cooperate and practice self-regulation. According to Johnny Lyu, CEO of KuCoin, a cryptocurrency exchange company, “Stable, low-risk business and financial management are unachievable without a good plan and devoted staff in managing trading operations in bull and bear cycles.”
One-third of the 115 million cryptocurrency investors are concerned about the nature of the Indian government’s yet-to-be-rolled-out legislation, according to data from KuCoin’s “Into The Cryptoverse India Report” poll.
Meanwhile, industry watchers pointed out that a comprehensive regulatory and supervisory framework would also be a focus as it would offer interaction between the Virtual Assets Law and other regulatory bodies. This framework would include anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements. Additionally, a focus area on jurisdiction compliance and consequences will be added.
