The Andreessen-backed crypto exchange's top executive also identifies areas where regulations are required.
The Andreessen-backed crypto exchange’s top executive also identifies areas where regulations are required.
India’s regulatory uncertainty for the crypto sector came into sharp focus at the ongoing World Economic Forum Annual Meeting in Davos. In an interview with Reuters, CoinSwitch Kuber CEO Ashish Singhal highlighted the government’s policy dilemma on the industry. “Users don’t know what will happen with their holdings – is the government going to ban, not ban, how is it going to be regulated?” Singhal wondered. India must bring in appropriate legislation to remove uncertainty, boost the crypto sector, and protect investors, heSinghal appreciated the Indian government’s move on taxation and advertising guidelines for the crypto sector by the Advertising Standards Council of India .
Mechanism to track transactions and report them to authorities in case of need and norms for identity verification and transfer of crypto assets need to be established, he explained. Coinciding with the plummeting crypto prices, the Davos meeting has seen a substantial presence of blockchain and cryptocurrency companies, the report mentioned.The Indian government had twice announced bringing in legislation to ban cryptocurrencies last year. But it deferred the plan and instead introduced a tax on the income from such transactions. Many interpreted this “as a sign of acceptance” of digital assets.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
India crypto app CoinSwitch chief calls for regulatory 'peace, certainty,' Reuters saysA federal government move to tax crypto income has been seen by the industry as a sign of potential acceptance.
Les mer »
Terraform Labs has no tax liabilities in Korea, Do Kwon saysKwon said he was happy to engage with any lawsuit or regulatory inquiry.
Les mer »
How to set up Emergency SOS on your smartwatchFor a little extra peace of mind.
Les mer »
Op-Ed: Why legal weed is losing the war to illegal weedThe licensing, taxing and regulatory system imposed on those who hope to sell cannabis legally are crippling and put them at a huge disadvantage.
Les mer »