According to a story in India’s local daily the New Indian Express this morning, lawmakers are considering classifying Bitcoin as an “asset” regulated by the Securities and Exchange Board of India (SEBI).

Regulation for Bitcoin incoming?

SEBI will be in charge of overseeing Bitcoin activities in India and classifying it as a valid, regulated ‘asset.’ Bitcoin has previously operated in a legal grey area in India and cannot be used as currency. Investor earnings, on the other hand, are classified as “capital taxes” and are taxed accordingly.

The decision comes after El Salvador, a Central American country, legalized Bitcoin as ‘legal tender’ alongside the US dollar, allowing the decade-old currency to be exchanged for any products and services in the same way that dollars were previously exchanged.

According to the report’s sources, a law titled “Cryptocurrency Regulation” is expected to be introduced in Parliament during the Monsoon session.

Those sources have the backing of industry insiders: “We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation,” said Ketan Surana, Director and chief financial officer at crypto exchange Coinsbit and member at the Internet and Mobile Association of India.

He added, “A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward. We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies.”

 

‘Important concerns’

The news comes only weeks after Shakthikanta Das, the governor of India’s central bank, said the government was looking into legislation to integrate cryptocurrencies into the broader economy and taking efforts to limit any hazards.

He did say, though, that “major concerns” persisted and that the government was aware of the negative aspects of cryptocurrencies in a separate appearance.

Nonetheless, potential legislation would be a net plus for one of the world’s most populous yet economically struggling countries.

Source: Cryptoslate

1% deposit bonus on crypto in buyucoin

1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

BuyUcoin giving 1% deposit bonus on crypto and reimbursement of crypto withdrawal fees for Indian user who have funds on banned crypto exchange. In the wake of the recent ban ...
Read More
Bitcoin ETFs

A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

After years of anticipation and regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) has granted approval to 11 Bitcoin ETFs applications, marking a significant milestone in the cryptocurrency and ...
Read More
Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Everyone wants to know that bitcoin will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved? We talk about the Bitcoin ETF, an important part in the cryptocurrency space. According ...
Read More

10 Must-Have Features on Bitcoin Staking Site

Crypto has provided many benefits for online gambling, and almost all relevant gambling sites now offer it as a payment method.  With so many gambling sites, players, especially those without ...
Read More
Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Happy Cryptomas to all of you! During the bullish state of the crypto market, margin-lending platforms and decentralised exchanges were the most often used DeFi protocols. Bitcoin is Up 167% so ...
Read More
Share with Others