Crypto Regulations Daily Crypto News Sandbox Trending

BuyUcoin proposes Sandbox for Cryptocurrency regulation in India

After all the speculations of cryptocurrency getting banned in India, all the stakeholders of the crypto-asset have joined their hands to propose a new framework in India for cryptocurrency. Sandbox will help Indian Government for regulating cryptocurrency. The supreme court also supports this framework against the decision made by RBI ban on cryptocurrency.

BuyUcoin has taken the initiative to support this framework by drafting a set of rules and implementations for the crypto holding community. An early version of this draft will be released by October 2020 with other Industry experts. It is considered as a milestone for the long journey of crypto trading.

“This is the first milestone of a long journey for making cryptocurrency accessible to the masses. This draft of the sandbox is driven by the inputs from Crypto experts and Industry insiders, this will not only help the government to make laws but will also guide the startups and budding entrepreneurs to enter this blooming Industry,”

says Shivam Thakral, CEO & Co-founder BuyUcoin.

As the Indian economy has faced severe impact due to Covid-19 pandemic in 2020, this framework is a good news for crypto industry to uplift economy and trading. “Banning crypto trading would cause India to fall behind other nations that allow it. By lobbying the Indian authorities, industry participants can implement the much needed crypto regulations,” said Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor.

“The solution is to regulate the technology to prevent misuse, not to ban it outright to stifle innovation or encourage a parallel economy,” opined Madhu Nayakkankuppam (ex-Managing Director, Goldman Sachs) who is currently leading a DeFi startup. The Sandbox first draft will be released on October 2, 2020. This platform can be accessed easily by buyucoin sandbox. It is highly user-friendly accepting feedback from users to strengthen Regulatory Sandbox.

About BuyUcoin

BuyUcoin is becoming an attractive gateway for global blockchain and crypto companies as it is one of the India’s largest crypto exchangers where BUC tokens are owned by BuyUcoin.BuyUcoin is a leading Cryptocurrency exchange in India, operating since July 4, 2016 where recently, BuyUcoin got its license from Estonia.

It will be commencing as a global operation of Cryptocurrency exchange in the next quarter to reach a more global user base and becoming aggressive to cater to the worldwide market. BuyUcoin is the most trusted, user-interface and highly accessible digital cryptocurrency exchange platform. It strictly follows the payment industry best practices with KYC-AML policies.

Check other publications and reviews on the Cryptocurrency & Blockchain Regulatory Sandbox:

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
Share with Others