Does India need crypto regulations?
12 March 2019 2:36 AM GMT
Crypto regulations in India. The unprecedented exuberance of cryptocurrencies has given birth to a variety of scams, absent regulations.
- Although the Indian government has an approving view for the blockchain technology, the regulatory bodies have been contemplating on ways of dealing with the potential AML/CFT and consumer protection issues related to cryptocurrencies.
- India’s cautious approach towards certain elements of the blockchain , such as cryptocurrencies and digital assets has not only hindered the crypto spring in the country but also has driven global VCs and Institutional investors out of the country limiting the exposure to the regulatory risk involved with cryptocurrencies in India.
- Global investments in the blockchain ecosystem have been considerably low in India due to the uncertainty revolving around crypto regulations in the country.
- While the legalization of cryptocurrencies in India could be a game changer for the crypto industry globally (adoption-wise), Indian regulatory bodies have been hawkish on cryptocurrencies lately.
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