Kevin Helms reports in bitcoin.com that India may be regulating 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.
The government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon. Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class.
A cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session that usually starts in July."
Ketan Surana, Director and chief financial officer of cryptocurrency exchange Coinsbit and member of Internet and Mobile Association of India (IAMAI), said: “We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.” The director emphasized: 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.
If the government of India takes a crypto-friendly stance and adopts regulation accordingly, it would be so much better for the crypto user in India, the Indian economy in general and its hi-tech sector in particular.
Source credit and full story - https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
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