Stressing that India needs smart and sensible crypto regulation, leading cryptocurrency players in the country on Friday urged the government against the ban and sought engagement to build consensus on crypto regulation.
The government earlier indicated that it would take a ‘calibrated approach’ towards digital assets and formulating a Bill on cryptocurrencies. A final decision is yet to be taken.
At a webinar organised by the Internet and Mobile Association of India (IAMAI) and its Blockchain and Crypto Assets Council (BACC) members, the stakeholders said that consultation and dissemination of information between the government and the industry participants is crucial to determining the most appropriate regulatory framework and supporting innovation. “There are over 1.5 crore Indians holding over Rs 1,500 crore worth crypto-assets. India is no longer a niche market, but a rapidly growing finance market. Despite the growth in crypto adoption, India is behind in terms of both regulations as well as number of successful crypto startups,” said Nischal Shetty, CEO WazirX.
