wordpress blog stats
Connect with us

Hi, what are you looking for?

Government should enable traceability on crypto-currency investments: IndiaTech.Org

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…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ