Industry association IndiaTech.org released a proposal specifying cryptos as digital assets similar to gold, stocks or market securities.
The recently released proposal was a part of a whitepaper, which has been published by the association. The whitepaper has five key points that provide regulatory clarity to cryptocurrencies and crypto exchanges in the country.
According to the whitepaper published by the association, countries like Australia and the US use a similar approach towards cryptocurrencies. They use crypto assets as their own property.
The association is also planning to introduce a system for registering Indian crypto exchanges. Along with that, IndiaTech.org has approved businesses around the country to use cryptos in an innovative manner.
As per the association, the Indian government should start taxing cryptocurrencies but for that, it would need to prepare a proper and clear framework.
IndiaTech.org, in its whitepaper, has mentioned, “Enable taxation (direct and indirect) to treat crypto assets just as other current assets (but not cash), permit disclosures and regulate import which would result in additional revenue generation.”
The Indian crypto industry requires a well-defined reporting mechanism, accounting standard and mechanism to resist suspicious activities.
Recently, the CEO of IndiaTech.org, Rameesh Kailasam, has said that the crypto industry in the country requires regulatory clarity. Kailasam further stated that it is important for the Indian Government to work with the crypto industry together and find a progressive approach for it.
The association has released the whitepaper at a time when the Indian Government is considering banning cryptocurrencies in the country.
While explaining cryptocurrency and its features, the CEO of CoinDCX, Sumit Gupta said that no one should see digital assets as a replacement to fiat currencies, in fact, they should be considered as a store value.