Popular Indian crypto trading platform BuyUCoin has developed a framework to regulate cryptos in the country.
The platform has reported through a press release that the proposal, which is expected to be published on October 2, has the support of "all the Indian cryptocurrency stakeholders."
The exchange, which currently has more than 350,000 users and handles transactions valued at billions of dollars, claims the regulatory framework consists of a series of standards, proposals and implementation methods driven by the community.
This proposed regulatory framework will be submitted to the Government of India for study. The news comes after India's Supreme Court overturned in March a ban imposed by the Reserve Bank of India, the country's central bank, that prevented banks and other financial institutions from offering their services to crypto-related companies.
BuyUCoin CEO and co-founder Shivam Thakral said:
"This is the first milestone of a long journey for making cryptocurrency accessible to the masses. This draft of the sandbox is driven by the inputs from crypto experts and industry insiders, and will not only help the government to make laws but will also guide the startups and budding entrepreneurs to enter in this booming industry."
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