Monday, Jan 17, 2022
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Opinion

India Needs A Regulatory Framework Fast To Reap Crypto Gains

Exchanges, government and security agencies need to work closely to create a regulatory framework for the cryptocurrency market

India Needs A Regulatory Framework Fast To Reap Crypto Gains

NFT digital art supported by cryptocurrency, courtesy WazirX
India Needs A Regulatory Framework Fast To Reap Crypto Gains
outlookindia.com
2021-09-11T01:19:26+05:30

For a long time, the cryptocurrency industry has had a tumultuous relationship with global regulators. While regulators of some countries like Switzerland have broadly accepted cryptocurrencies and foster their development, those of countries like India do not prohibit them, but are yet to formally define their legal status. Right now, India is far from truly reaping the benefits of cryptocurrencies and the potential they hold. One look at the global regulatory landscape for cryptocurrencies shows that the most progressive countries have either already regulated the industry, or have proposed legislation applicable to the emerging cryptocurrency market.

Singapore, which is considered a global technological hub, is a notable example. Cryptocurrency trading in the island nation is regulated by the Monetary Authority of Singapore under the country’s Payment Services Act, 2020, while public offers or issuance of digital currencies are regulated by its Securities and Futures Act, 2001. Legislation and associated licences have established a progressive framework for the regulation of payment systems and digital payment token services in Singapore, allowing cryptocurrency exc­hanges to continue operations there with ease.

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