Preapproved crypto assets will be allowed for listing and trading on the exchanges in India. The policymaker is confident to introduce and pass a crypto law by year-end. The country has changed its earlier plan of banning crypto.
The Crypto market is expanding and developing by the end of each passing day. In the crypto world, India is known as the fast-growing economy and possible market for crypto with a lot of potentials. India secured the second position in crypto adoption this year. The news of crypto regulation by the Indian government has been circulating. Some of these rumors also said that they are going to ban the crypto market.
Preapproved crypto assets will be allowed for listing and trading:
On Thursday, Reuters has reported that only preapproved crypto assets by the Indian government will be allowed for listing and trading. The source has revealed that the government is unlikely to go with the previous plan of banning the whole market. One of the sources said that:
Only when a coin has been approved by the government can it be traded, else holding or trading it in may attract a penalty.
In addition, a crypto regulation bill is on its way as reported by many local news outlets in India. This bill is set to be discussed by the parliament in the winter joint session. This session is going to happen somewhere on November 25 and is likely to end on December 23. CNBC-TV18 reported last week that finance ministry officials are trying to “fast track” a modified cryptocurrency bill. The Mint reported this week that once the crypto bill is cleared by the Union Cabinet.
The PM of the country has also urged the nation and international community to work together, to avoid the usage of crypto by criminals. Only preapproved crypto will be allowed for listing and trading at exchanges. In my opinion, these are some really good steps and will help the country with the hope that the whole crypto market is regulated one day.
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