The cryptocurrency market in India remains in regulatory limbo as the government is yet to properly define cryptocurrencies.
India could soon recognize cryptocurrencies as tradable assets
India’s government is working on a new bill that could finally recognize cryptocurrencies as an asset class. The Indian Finance Minister Nirmala Sitharaman revealed this yesterday, stating that the government is open to regulating the cryptocurrency market.
In the upcoming bill, cryptocurrencies would not be recognized as legal tender. Instead, they would be categorized as a tradable asset class that has a market. The bill, if passed, would give the Indian cryptocurrency market more clarity and could dictate how exchanges and other crypto entities operate.
More countries are rolling out crypto regulations
The cryptocurrency market has grown to become a $2 trillion industry, sparking the need to properly regulate it. More governments across the world are rolling out regulations and frameworks to properly dictate how the cryptocurrency market would operate.