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Summary: Esya Centre-ORF report on regulation of crypto assets in India

Amid confusion on what approach the government will take to regulate cryptocurrency, this report pushes for a new framework.

“..the (crypto) industry should be regulated through exchanges. These entities account for the bulk of the volume of activity in most major crypto networks and provide a point of entry for most retail and institutional investors into the crypto market,” read the report drafted by Esya Centre and Observer Research Foundation. MediaNama has reviewed a copy of this report. The report suggests that crypto assets are likely to form the basis for future forms of the internet and it would be unwise to place a ban on private crypto assets as these can result in significant revenue loss to the government and force nascent industries to operate illegally. “Most regulatory formulae necessary to address policy concerns related to crypto-assets, such as investor protection, money-laundering and tax evasion, already exist in financial legislation. They just have to be adapted to accommodate an emerging technological paradigm,” Meghna Bal, one of the authors, said in a statement. The report indicates that classifying crypto as a security, good or capital asset may lead to unintended restrictions on investment or leave regulatory gaps in key policy areas. It calls for a sui generis framework that accommodates the emerging trends in the crypto industry. The report is significant because it comes at a time when the Union government is scheduled to introduce the crypto bill during the winter session of the Parliament.  It also lays down recommendations that may be useful for the government to consider while drafting the bill. A summary of recommendations in the…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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