IndiaTech.Org, also known as the Technology Services Industry Association, has advocated for traceability provisions to be introduced for crypto-currency investments and trading to counter money-laundering and illegal activity . In a white paper, submitted to the Indian Government, the industry body representing internet startups said that the government should regulate crypto-currencies by recognising crypto-firms as legal businesses, updating accounting and tax rules, and by treating cryptos as assets and not currencies "This wouldn’t be the first time India capitalized on emerging trends in technology, to the benefit of business and consumers alike. In the first wave of Indian tech adoption, it became the global hub of IT services, creating more than $250 billion of market cap. In the current wave (consumer internet and SaaS), India is on the verge of creating another $200 billion market cap," the body said. It said that the $5.5 billion pool of global capital Singapore-based blockchain companies received $744 million in capital, while India received just $11 million or 0.2%. Five-point framework for regulation: Define crypto assets and allow local crypto-exchanges to register Introduce checks and balances in terms of accounting standards and reporting mechanism. Mandate mechanisms to counter suspicious activities and money-laundering/terrorism-financing, and enable traceability Tax crypto-assets just as other current assets, both directly and indirectly. Permit disclosures and regulate import Create safeguards to protect retail investors from token issuance Allow self-regulation, including a defined code of conduct in alignment with safeguarding consumers as well as financial stability Arduous legal and regulatory challenge Unlike many…
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