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India may regulate crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI). In addition, a crypto bill is likely to be introduced during the monsoon session of Parliament, local media reported.

Indian government reportedly considering regulating crypto as an asset class

The Indian government has not yet introduced a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of government to re-evaluate recommendations within the bill.

The New Indian Express reported on Friday that top sources tracking the crypto industry told it “the government has moved away from its previously hostile stance towards virtual currencies and will soon see bitcoin as an asset class in India”. will classify.” The publication further explained:

Markets regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector following the classification of bitcoin as an asset class.

The media had earlier reported that the Indian government would set up a panel of experts To come up with new recommendations to oversee the cryptocurrency industry in India. Sources informed the publication that an expert panel from the Ministry of Finance is working on formulating the country’s cryptocurrency policy. The publication further explained:

A Cryptocurrency Regulation Bill is likely to be introduced in Parliament during the monsoon session.

The monsoon season usually starts in July. However, last year it did not start till September due to the coronavirus crisis. This year, the government expects the session to begin at its usual time.

Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks regarding its April 2018 circular prohibiting financial institutions from providing services to crypto businesses and traders. The bank said that the circular is no longer valid Per Supreme Court’s decision in March last year, emphasizing that banks cannot quote it when deciding on cryptocurrency.

However, the central bank reiterated that its position on bitcoin and other cryptocurrencies has not changed and that it still “major concernsRBI Governor Shaktikanta Das said, they have been informed to the Finance Ministry.

Ketan Surana, Director and Chief Financial Officer of cryptocurrency exchange Coinbit and Internet and Mobile Association of India (IAMAI) member, said: “We can say with certainty that the new committee working on cryptocurrency is very optimistic on cryptocurrency regulation and legislation. .” The director emphasized:

A fresh draft proposal will soon be in the cabinet, which will look at the overall scenario and take the best course of action. We sincerely hope that the government will adopt cryptocurrencies and blockchain technology.

Do you think India should regulate crypto as an asset class? Let us know in the comments section below.

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