- Indian government reportedly considers regulating crypto as an asset class
- The government will likely introduce a crypto bill during the next Parliament session.
According to local news, India may be looking into regulating crypto as an asset class. The report says that it might be under the Securities and Exchange Board of India (SEBI).
Based on the report, the Indian government will likely introduce a crypto bill during the next Parliament session.
For a reminder, last month, Indian regulators have decided to leave the crypto ban decision up to individual banks. The National Payment Corporation of India (NPCI) believes that banks should choose to either support or ban crypto transactions themselves.
However, the local news said that the government has moved away from its earlier hostile stance towards cryptos. And will most likely list BTC as an asset class in India soon. More so, the report added that SEBI would manage regulations for the crypto sector after bitcoin’s designation as an asset class.
Further, the local news said that the Ministry of Finance is working on forming the country’s crypto policy. Also, the report conveyed that a crypto regulation bill is likely to be introduced in Parliament next session.
Ketan Surana, a member of the Internet and Mobile Association of India commented on the the news as follow:
We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation… A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward.
“We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies,” Ketan Surana said.
In April, an Indian entrepreneur Nandan Nilekani has tweeted that the growing popularity of crypto may be the key to closing India’s $250 billion funding gap. Notably, referring to the nation’s Small and Medium-Size Enterprises (SMEs).
According to Nilekani, if this occurs, India will become a $5 trillion economy before 2025 ends. Also, he said that all Indians could experience a smooth way of transferring funds. Thanks to cryptocurrency and blockchain technology.