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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
An Indian engineer becomes the latest victim of a cryptocurrency investment scam, losing over $114K.

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.

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