BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

India Working on a Five-Point Crypto Legislation, Ban Off the Table

by Dan K
Sep 11, 2023 - 8:00 pm
in Regulation
WazirX CEO Nischal Shetty during an interview.

Stepping Towards Regulation

With the outright ban ruled out, India embraces the IMF-FSB recommendations to foster a safe and regulated cryptocurrency ecosystem. Siddharth Sogani of CREBACO divulges details on the developing framework that envisions Indian crypto platforms attaining a status akin to authorized dealers regulated by the RBI.

IMF-FSB Recommendations: A Guideline to Legal Legislation

Following the recent G20 summit, the Indian government has shown enthusiasm for the IMF-FSB crypto recommendations. These guidelines emphasize regulating the crypto market over imposing a blanket ban, encouraging G20 nations to formulate individual yet collaborative crypto legislations. Siddharth Sogani shares insights into the plan that is projected to crystallize into legal legislation in the next 5-6 months.

A Global Approach to Crypto Regulations

The proposed five-point regulatory approach focuses on a global collaboration to harmonize aspects such as cryptocurrency taxation. Some critical focus areas include:

  1. Advanced KYC Norms – Developing comprehensive KYC policies for crypto companies that adhere to FATCA and existing anti-money laundering standards.
  2. Real-Time Proof-of-Reserve Audits – Mandating crypto platforms to release real-time proof-of-reserve audits to regulators.
  3. Uniform Taxation – Advocating for a consistent taxation policy across nations.
  4. Elevated Status for Crypto Exchanges – Enabling crypto platforms to acquire a status similar to authorized dealers under RBI guidelines.
  5. Mandatory Key Positions – Introducing essential roles such as Money Laundering Reporting Officer (MLRO) within crypto platforms.

Regulated Market: A Boon for the Crypto Ecosystem

Sogani emphasizes that a regulated market will mitigate the risks of scams and illicit activities, fostering a robust crypto environment. The globally collaborative approach recommended by IMF-FSB serves as a strong foundation to build upon, according to an executive from the Finance Ministry.

Towards a Brighter Future for Crypto in India

India’s intent to work with global norms and recommendations signals a positive turn for the crypto industry in the country. With the foundation laid down, it is up to the authorities to decide the extent of regulation suitable for India, nurturing a crypto ecosystem that is both secure and thriving.

By adopting a regulation-focused approach based on international recommendations, India is poised to create a landscape conducive to the growth and stability of the crypto industry. This is indeed a progressive step that heralds a promising future for cryptocurrencies in the Indian market.

Tags: CryptoIndiaRegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Image of Circle's logo with a gavel and Binance's logo, signifying the court's involvement.

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

September 29, 2023

Circle, behind the USDC stablecoin, argues in a court filing that assets pegged to the USD aren’t securities...

Coinbase CEO Brian Armstrong leading a group of crypto founders during the "Stand with Crypto" campaign in Washington.

Coinbase Advocates for Clearer US Crypto Regulations: The “Stand with Crypto” Campaign

September 29, 2023

Coinbase spearheads the “Stand with Crypto” campaign in Washington, urging for clear and fair regulations in the ever-evolving...

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise