Here's What's Happening In India's Uncertain Crypto Landscape

Here's What's Happening In India's Uncertain Crypto Landscape

What Happened: After several conflicting reports over the course of the past few months, India may now move to officially classify cryptocurrency as an asset class.

The Securities and Exchange Board of India (SEBI) will oversee regulations for the crypto industry, according to a report from The New Indian Express.

Sources close to the matter revealed that the government has moved away from its “hostile stance towards cryptocurrencies” and will “most likely” classify Bitcoin and other cryptocurrencies as an alternative asset class.

Why It Matters: Along with the classification, a Cryptocurrency Regulation bill is likely to be passed in parliament around September.

Here's What's Happening In India's Uncertain Crypto Landscape

What Happened: After several conflicting reports over the course of the past few months, India may now move to officially classify cryptocurrency as an asset class.

The Securities and Exchange Board of India (SEBI) will oversee regulations for the crypto industry, according to a report from The New Indian Express.

Sources close to the matter revealed that the government has moved away from its “hostile stance towards cryptocurrencies” and will “most likely” classify Bitcoin and other cryptocurrencies as an alternative asset class.

Why It Matters: Along with the classification, a Cryptocurrency Regulation bill is likely to be passed in parliament around September.

“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation… A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward,” said Ketan Surana, Director and chief financial officer, Coinsbit, and Member of the Internet and Mobile Association of India.

The regulation of cryptocurrencies in the country might even be a welcome development to clarify the legal status of trading these digital assets.

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