Breaking: India Bullish On Crypto Regulation With Latest Economic Survey?

India crypto regulation news: In what is a very necessary explanation around crypto regulation in India, the country's authorities have stressed the need for joint global initiatives. Interestingly, the report also mentioned the role of crypto asset exchanges, wallet providers, and crypto conglomerates in the digital assets ecosystem. He stated that these entities force users to trust centralized entities, as opposed to the idea of decentralizing cryptocurrencies are based on. The government has expressed its opinion on the absence of global standards for non-registered crypto assets.

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Cryptographic markets are volatile.

Although the Economic Survey 2023 report acknowledged that the global response to cryptocurrencies is evolving, it further expressed concerns around lack of regulation. The Government of India described crypto resources as new forms of digital resources that are implemented through crypto techniques. With the recent high volatility, the crypto market has declined by $3 trillion to $1 trillion in just 14 months, he says.

“The geographically pervasive nature of the crypto ecosystem necessitates a common approach

to the regulation of these volatile instruments.”

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Is that the new bullish?

In light of India's reluctance to embrace the crypto market in recent years, its latest appeal for a global regulatory initiative is in many respects encouraging. The government actually mentioned case studies on how the EU, Japan, Switzerland, the United Kingdom, Albania, and Nigeria regulate the crypto industry. Regulators find it difficult to keep up with new and emerging issues in the rapidly changing industry, said India, possibly justifying its slow and conservative approach on a national scale.

Explained that creating new unregulated FTEs complicates regulation. In addition, he emphasized the question of the concentration of wealth among crypto whales. About 85 per cent of all bitcoin in circulation is owned by 4.5 per cent of the entities, he added.

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Tax Relief?

Meanwhile, India's crypto community expects tax relief in the next budget. While hopes for relief are low, any clarification on the country's position will be looked at closely. Or do you get surprises?