{"id":42043,"date":"2021-05-06T19:06:52","date_gmt":"2021-05-06T16:06:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42043"},"modified":"2025-08-30T21:28:38","modified_gmt":"2025-08-30T18:28:38","slug":"proposal-to-regulate-the-cryptocurrency-industry-sent-to-indian-authorities","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/proposal-to-regulate-the-cryptocurrency-industry-sent-to-indian-authorities\/","title":{"rendered":"Proposal to regulate the cryptocurrency industry sent to Indian authorities"},"content":{"rendered":"<p>The government of India should recognise Bitcoin and other cryptocurrencies as digital assets, not currencies. This call appears in the white paper from the internet-startup association IndiaTech.org.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/IndiatechO?ref_src=twsrc%5Etfw\">@IndiatechO<\/a> is releasing a two series White-paper on <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a>, the first paper talks about the opportunities offered by <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&#038;ref_src=twsrc%5Etfw\">#blockchain<\/a> to the world. With rapidly growing potential, <a href=\"https:\/\/twitter.com\/hashtag\/India?src=hash&#038;ref_src=twsrc%5Etfw\">#India<\/a> needs to regulate the sector. Link to the <a href=\"https:\/\/twitter.com\/hashtag\/IndiaTechDecoder?src=hash&#038;ref_src=twsrc%5Etfw\">#IndiaTechDecoder<\/a>: <a href=\"https:\/\/t.co\/OkMs0QBkG6\">https:\/\/t.co\/OkMs0QBkG6<\/a><\/p>\n<p>\u2014 IndiaTech.org (@IndiatechO) <a href=\"https:\/\/twitter.com\/IndiatechO\/status\/1389909150398881797?ref_src=twsrc%5Etfw\">May 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The document contains recommendations for establishing a regulatory framework for cryptocurrency exchanges and digital assets. The authors are convinced that the latter should receive the same recognition as gold, stocks, or bonds.<\/p>\n<p>The white paper contains proposals for creating a licensing system for Bitcoin exchanges, as well as ensuring compliance with regulatory requirements in terms of KYC\/AML and reporting.<\/p>\n<p>There is also a need to clarify the tax code. At present it does not account for digital assets.<\/p>\n<p>The authors touched on creating a regulatory framework for token issuance and revisiting oversight of the payments space with regard to cryptocurrencies.<\/p>\n<p>IndiaTech believes that some aspects of sector regulation could be devolved to the level of the organisations themselves.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cToday the main need for the crypto industry is to obtain regulatory transparency. We expect the government to be in dialogue with its participants and to choose a progressive approach,\u201d<\/em> said <a href=\"https:\/\/www.analyticsinsight.net\/indiatech-org-releases-a-white-paper-proposes-a-5-point-recommendations-framework-for-regulating-crypto\/\" target=\"_blank\" rel=\"noreferrer noopener\">the head of IndiaTech, Ramesh Kailasam.<\/a><\/p>\n<\/blockquote>\n<p>The initiative was supported by leaders of major local trading platforms, notably CoinDCX.<\/p>\n<p>Earlier, in September 2020, the Council of Ministers of India began considering <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-that-india-plans-to-ban-cryptocurrency-trading\">a document on banning<\/a> cryptocurrency trading.<\/p>\n<p>In February 2021, Bloomberg, citing a Finance Ministry source, reported that in case of a ban, holders would have <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-india-to-allow-cryptocurrency-holders-to-close-positions-ahead-of-ban\">three to six months<\/a> to close their positions.<\/p>\n<p>In March there were speculations about possible <a href=\"https:\/\/u1f987.com\/en\/news\/media-indian-authorities-propose-prison-terms-for-bitcoin-holders\">criminal and administrative liability<\/a> for miners and traders.<\/p>\n<p>Earlier, a Business Today source said authorities are considering <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-possible-blocking-of-cryptocurrency-exchange-ip-addresses-in-india\">the possibility of blocking<\/a> IP addresses of cryptocurrency exchanges and related companies.<\/p>\n<p>Subscribe to ForkLog on YouTube!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of India should recognise Bitcoin and other cryptocurrencies as digital assets, not currencies. This call appears in the white paper from the internet-startup association IndiaTech.org.<\/p>\n","protected":false},"author":1,"featured_media":42044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1305,278,36],"class_list":["post-42043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-ban","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42043"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42043\/revisions"}],"predecessor-version":[{"id":42045,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42043\/revisions\/42045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42044"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}