India, the country with the highest number of crypto investors in the world, has started getting active in crypto-related topics. It is reportedly working on finalizing the regulations after years of brainstorming and waiting.
Business and financial Indian newspaper, The Economic Times reports that the government would regulate cryptocurrencies as an asset class. While this might be good news after the cancellation of the government’s plans on crypto banning, it is worth noting that the country would still prohibit the use of crypto as a payment method.
As the officials have been concerned about crypto usage in illegal activities, regulating crypto as an asset class is expected to be only the middle ground for the Indian government. Thus, instead of opting for a complete ban, India is taking a prudent path to see its viability. Interestingly, more than 100 million crypto investors come from India.
The adoption of crypto under the asset class came just after the Prime minister’s meeting with lawmakers about digital currencies adoption, as we reported.
India would soon regulate crypto
The newspaper also reported that the bill is in the final stage of drafting and might be introduced in the parliament next month for discussion. As TheCoinRise reported on November 12, the government officials have also set up a meeting to talk to crypto enthusiasts about the same. As per the Ministry of Finance, the Indian government is gearing up to reveal its highly anticipated crypto regulations in February 2022.
The government is deciding on making the Securities and Exchange Board of India (Sebi) the chief crypto regulator in the country as the digital currencies would be regulated under the asset class. However, the central monetary authority, the Reserve Bank of India, remains skeptical and has many a time raised concerns on the subject.
Despite the unclarity on the subject, India already boasts of a $6 billion crypto ecosystem with several unicorns and globally recognized crypto firms.
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