{"id":243479,"date":"2021-05-06T15:45:11","date_gmt":"2021-05-06T12:45:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-start-up-organization-proposes-regulatory-framework-for-crypto\/"},"modified":"2021-05-06T15:45:11","modified_gmt":"2021-05-06T12:45:11","slug":"indian-start-up-organization-proposes-regulatory-framework-for-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-start-up-organization-proposes-regulatory-framework-for-crypto\/","title":{"rendered":"# Indian start-up organization proposes regulatory framework for crypto"},"content":{"rendered":"

“# Indian start-up organization proposes regulatory framework for crypto <\/strong>”
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IndiaTech.org, an industry association representing India\u2019s consumer internet startups and investors, is backing wants to provide clear definitions for the cryptocurrency industry.<\/p>\n

On Wednesday, the association released<\/a>\u00a0a white paper including a policy proposal with recommendations for a regulatory framework for crypto-assets and crypto exchanges in India.<\/p>\n

The proposed framework\u00a0suggests<\/a>\u00a0to define cryptocurrencies like Bitcoin (BTC) as digital assets and not currencies. \u201cDefine cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets like gold, stocks, or marketable securities,\u201d the proposal reads.<\/p>\n

The framework further recommends introducing a registration system for India-based cryptocurrency exchanges as well as establishing necessary checks related to Anti-Money Laundering compliance, Know Your Customer verification, and reporting. The proposal also points out the need for necessary provisions in India\u2019s tax law, as there is no clear framework for taxing crypto in India.<\/p>\n

The white paper also stresses the need to establish a framework for token issuance in India and regulate crypto in the payments industry. IndiaTech also proposed to encourage self-regulation to define a code of conduct for the industry.<\/p>\n

IndiaTech CEO Rameesh Kailasam said<\/a>\u00a0that the crypto industry holds huge potential for Indian startups. \u201cThe foremost need today is for this sector to be granted the much-needed regulatory clarity that it has been seeking. We are hopeful that the Government will work with the industry to regulate the sector and that a progressive app<\/a>roach is adopted while doing so,\u201d he said.<\/p>\n

Sumit Gupta, co-founder and CEO of major local crypto exchange CoinDCX, called on the government to define the true nature of crypto in India. \u201cThis effort by the IndiaTech team is truly commendable. It helps bring a fresh perspective to the regulatory discussions that are going on today. The recommendations if accepted will open immense potential for Indians to participate in this new global asset class,\u201d Gupta stated.<\/p>\n

As previously reported, there is significant uncertainty regarding the legal status of crypto in India, with many anonymous sources distributing rumors of plans to ban crypto in the country. Finance minister Nirmala Sitharaman then said that regulators did not want a complete prohibition\u00a0and were willing to allow \u201ccertain windows\u201d for people to use digital assets like Bitcoin.<\/p>\n