Rolls Of Regulators In India Decided, Rules For Bitcoin Coming Soon
India will soon have its own rules for Bitcoin. The responsibilities of various regulators were set, a senior official revealed. Corresponding institutions are currently finalizing a comprehensive government policy on cryptocurrencies. Meanwhile, representatives of the Indian crypto community have eliminated fears of an impending ban.
Crypto policy framed
The role of the various regulators in relation to cryptocurrencies has already been decided, the chairman of the Indian Securities and Exchange Office told reporters on Saturday. In the face of continued volatility in markets and growing concerns about investor protection, Ajay Roles of Regulators of India decided that the rules for Bitcoin should be announced shortly, the New Indian Express said. He declined to give more details and insisted that officials would do so after comprehensive government policy had been finalized and announced.
Tyagi’s comments come after Finance Minister Arun Jaitley unveiled the 2018 budget this month. While explaining his main policies, Jaitley reiterated a previously stated position: cryptocurrency is not recognized as a legal tender in India and the government “will take all measures to eliminate its use in financing illegal activity”. Indian authorities would instead promote blockchain technology in payment systems, he said in his budget speech on 1 February.
SEBI has asked the Ministry of Economic Affairs (DEA) to convene a Regulatory Meeting the next day, said the Chairman of the Board. Ajay Tyagi was evidently referring to the panel which, after studying cryptocurrencies and their effects, had to propose a regulatory framework. “We have actually decided which regulator will do what and the committee should be able to deal with the rules very quickly,” he added. Tyagi promised his agency “will fully contribute to this goal” and insisted, “We want a policy to be framed first”.
In December, the Treasury announced that it would set up a special body to monitor developments, including the scope of Bitcoin-related trade, and help accelerate the process of introducing cryptoregulation. Representatives from DEA, the Reserve Bank of India and the Income Tax Department were invited to join the committee.
Excitement in India, but do not worry
According to previous media reports, new regulations were expected by the end of March. You are likely to include anti-money laundering and tax avoidance measures. Doubting dubious transactions have led the authorities to exchange cryptocurrencies in the country, and banks have blocked some of their accounts. Recently, India’s Income Tax Department announced that it had released news to 100,000 cryptocurrency investors after monitoring the operations of leading trading platforms.
The Indian crypto community expects more clarity from Budget 2018 on the taxation of cryptocurrency income, profits and transactions. Mining and trading companies have also demanded clear policies from the government. Minister Jaitley, however, did not reiterate many of the open questions. Some see in his promise an immediate threat of an absolute Bitcoin ban on “eliminating” cryptocurrencies. Others point out that he actually meant their use for illegal purposes.
Ajeet Khurana, head of the Indian Blockchain and Cryptocurrency Committee (BACC), recently said he was happy to mention cryptos in the state budget. “That the Secretary of the Treasury says that cryptocurrency is not a legal tender is perfectly logical – every nation has taken this stance, with the exception of Japan – it does not mean that the crypto trade is illegal, but that it involves its own risks, such as any other investment property in the market, “said Khurana, quoted by Forbes. “There are many dimensions to bitcoin – technology, security, privacy, it’s important to understand every aspect, to understand Bitcoin better, and to make informed decisions in action,” Khurana added.
Sandeep Goenka, co-founder of Zebpay, one of the largest crypto exchanges in India, believes the current government is open-minded and says that this is a welcome change for those developing revolutionary technology. “The ideal way to strengthen the system is to use proven banking channels to attract new customers and the Bitcoin hand
More news to come…………….