Reserve Dollar

Bank

Reserve

Force

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/india-prepares-new-crypto-regulations" data-wpel-link="internal">India Prepares New Crypto Regulations</a><br></p>
<p style="text-align: justify">India is taking a decisive step towards establishing a clear policy on cryptocurrencies. Economic Affairs Secretary Ajay Seth announced that a discussion paper will be released by September 2024. This paper intends to involve various stakeholders and gather diverse opinions on the legal framework for cryptocurrencies.</p> 
<h2 id="what-are-the-conflicting-views">What Are the Conflicting Views?</h2> 
<p style="text-align: justify">The Reserve Bank of India (RBI) strongly opposes the legalization of cryptocurrencies, citing potential threats to macroeconomic stability. The central bank insists on a ban on cryptocurrencies and stablecoins, fearing they might disrupt the <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">financial</a> system.</p> 
<p style="text-align: justify">However, the Securities and Exchange Board of India (SEBI) is open to regulating the sector, suggesting that cryptocurrency trading should be monitored by multiple authorities. The conflicting viewpoints between these two significant regulatory bodies underscore the complexities in forming a unified cryptocurrency policy in the country.</p> 
<h2 id="how-will-the-regulatory-framework-evolve">How Will the Regulatory Framework Evolve?</h2> 
<p style="text-align: justify">Currently, India does not have a comprehensive legal framework for cryptocurrencies. Nevertheless, the government enforces strict taxation and registration requirements. Firms must register with the Financial Intelligence Unit (FIU-IND) to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) norms set by the Financial Action Task Force (FATF). This regulatory landscape aims to enhance the sector’s credibility.</p> 
<p style="text-align: justify">Seth mentions that existing regulations largely focus on AML and CTF compliance. He also acknowledges the necessity for broader regulatory measures, which will be addressed in the forthcoming discussion paper. This document will outline potential policy directions and solicit stakeholder input to create a more comprehensive regulatory framework.</p> 
<h2 id="what-can-stakeholders-learn">What Can Stakeholders Learn?</h2> 
<p style="text-align: justify">Key takeaways for stakeholders include:</p> 
<ul> 
 <li>RBI advocates for a complete ban due to economic stability risks.</li> 
 <li>SEBI supports regulation through multiple authorities.</li> 
 <li>Current regulations focus on AML and CTF compliance.</li> 
 <li>The discussion paper will seek diverse perspectives on <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">future</a> policies.</li> 
 <li>Aligning with global standards is a priority.</li> 
</ul> 
<h2 id="india-s-international-outlook">India’s International Outlook</h2> 
<p style="text-align: justify">India aims to shape its cryptocurrency policy by considering international perspectives. In September 2023, Seth stated that the nation would re-evaluate its stance on cryptocurrencies. This was during India’s G20 presidency, emphasizing the importance of globally unified rules. The upcoming discussion paper continues India’s effort to align its crypto regulations with global standards.</p> 
<p style="text-align: justify">This new regulatory move strives to adopt a more inclusive and participatory approach, aiming to clarify India’s position on the future of cryptocurrencies through stakeholder engagement.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/india-prepares-new-crypto-regulations" data-wpel-link="internal">India Prepares New Crypto Regulations</a></h5>

India Prepares New Crypto Regulations

विषयसूची

BH NEWS

25 जुल॰ 2024 को प्रकाशित अन्य लेख

Paysafe, Alchemy Pay team to improve global crypto payments

During the Notcoin Reward Campaign, MOONHOP Emerges as Top Crypto Presale, Surpassing BlockDAG in...

Solo Bitcoin Miner Wins Big with $210K Reward

Crypto Market Bloodbath: $300 Million Wiped out as Ether Hits $3,100

AI Frenzy Cools, Yen Hammers Gold And Bitcoin, First Ever Joint Air Threat From Russia And China

BNB Falls More Than 3% In 24 hours

रोजाना क्रिप्टो अपडेट पाने के लिए हमारे मुफ्त न्यूजलेटर से जुड़ें!