Saturday, May 21, 2022

Indian Crypto Industry Needs New Regulations: Suggests Experts

Despite banning cryptocurrencies in the country, the government should frame smart and sensible regulations for it, said the major cryptocurrency players in India.

On May 14, the Internet and Mobile Association of India (IAMAI) and its Blockchain and Crypto Assets Council (BACC) members organized a webinar, where they suggested that India could follow the footsteps of Singapore in terms of regulating cryptocurrencies without hovering the technology innovation.

It was a virtual conference, titled ‘Evolving Crypto Regulatory Framework-Developments in India and Singapore.’

A few months ago, Singapore updated its Payment Services Act stating that the entities facilitating crypto-related transactions should have a license for the operation.

It is to be noted that since the implementation of the updated act, the cryptocurrency industry is also bound to follow the rules and regulations framed by the central bank.

Currently, India does not have any legal framework to regulate the crypto industry. It was being expected that during the budget session the government would present, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ but it was deferred.

Nischal Shetty, the CEO and the founder of the Indian cryptocurrency exchange WazirX, was part of the webinar. While sharing his views, Shetty pointed out that the Indian crypto industry needs to be regulated to protect the investors and for that the government to prepare guidelines. 

“As an industry, we would prefer seeing some guidelines that would help ease out the banking issues that exist in the country and the uncertainty that a lot of our customers have in the country on what protection they can expect,” said Shetty.

As per the report, for the past few weeks, the cryptocurrency exchanges in India are not able to process the payments, effortlessly, because all the major payment gateways have blocked their services. When those gateways were asked why they were not processing the payment, they replied, because ICICI bank instructed them to do so.

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