India is one of the countries that have consistently taken a hard stance on crypto. However, this is changing, and the country is considering a more pragmatic approach to crypto. This is as per The New Indian Express, which was reporting on India’s crypto regulations.
The publication stated that the government was no longer in favor of a blanket ban on crypto. Instead, it was seriously considering the idea of recognizing cryptos as alternative investments.
It is also reported that under the new approach to the crypto market, the country’s Securities and Exchange Board would oversee this asset class. It will do this in collaboration with the ministry of finance.
Local industry experts are ecstatic about these developments. According to Ketan Surana of India’s Internet and Mobile Association, the committee currently working on crypto regulations is pro-crypto.
The Indian business community has been lobbying for more favorable crypto laws and regulations for a while now.
A month back, a tech lobby called Indiatech.org called on the government to consider cryptocurrencies as asset classes. Their requests seem to be coming to fruition if emergent reports are anything to go by.
However, it is not all clear yet for the region’s crypto community. Despite the possibility of more favorable regulations, the Indian Central Bank is still anti-crypto.
The good news is that this, too, could be changing. The Bank recently made it clear that it had not asked banks to stop serving crypto exchanges. It is an indicator of the changing tune in the entirety of India’s government.
