Indian authorities are ready to present a draft version of crypto regulation in the country. It will be published in December and discussed till January 2019. According to the publication in Quartz, the bill will be introduced by the commission, created a year ago by the Indian Ministry of Finance. The document will describe the plan on how the authorities propose to regulate the cryptocurrency turnover and use blockchain in the financial system.
This became known during the trial between the state and crypto companies, which consider it illegal to restrict their activities in the country.
“The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month,” – the counter affidavit prepared by the Indian government states.
Earlier, the head of the profile committee Subhash Chandra Garg stated that the requirements for regulating the crypto industry in India should be established by March 2019.
Last month it became known that during the 19th meeting of the Financial Stability and Development Council (FSDC), hosted by the Minister of Finance of India, Arun Jaitley, it was proposed to simply ban cryptocurrencies. According to a publication by the Ministry of Finance, the working group "deliberated on the issues and challenges" associated with cryptocurrency.
The banks of India are not allowed to service accounts of companies whose activities are related to cryptocurrencies. This was the reason for the proceedings. There is no regulation in the country yet, however, the Central Bank of India refused to recognize digital assets as a means of payment.
In September, one of the most popular cryptocurrency exchanges Zebpay announced it would stop working in the country and opened a business in Malta and Singapore. Later on, in the middle of October, it became known that the platform moved its main office to Malta. Now Zebpay, which got the registration under the name Awlencan plans to concentrate on servicing traders from EU countries.
In July, Huobi launched a special p2p-service for traders from India, so that they would be able to trade virtual assets in pairs with rupees. P2p platforms are the only way for local traders to work with cryptocurrency. Cryptocurrency exchanges Koinex and Wazirx have previously begun to provide such services.
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