The post India Seeks Stakeholder Input On Crypto Regulation, Incoming Relief For Traders? appeared on BitcoinEthereumNews.com.

According to a report by CNBC TV18, India aims to reach out to crypto industry stakeholders to invite inputs to clarify its regulatory framework for digital assets. A panel led by the Secretary of the Department of Economic Affairs (DEA) is set to publish a consultation paper on digital asset regulations in the country by October 2024. Lack Of Clear Regulations Hurt Indian Crypto Investors India is considering contacting crypto industry experts to streamline regulations surrounding the nascent digital asset industry. In stark contrast to the country’s recent lack of enthusiasm toward the cryptocurrency industry, the Indian government is now mulling releasing a consultation paper, seeking industry stakeholders’ thoughts on efficiently regulating the emerging asset class. According to sources close to the matter, a panel within the DEA is tasked with drafting the consultation paper. The consultation paper is expected to be available between September and October 2024. The urgency for clear regulations for cryptocurrencies in India cannot be overstated, as the country’s crypto industry still seems to be operating somewhere in the legal gray area. While clear laws exist regarding the tax implications of crypto transactions, the lack of consumer protection against exchange hacks remains a concern. The recent hack of WazirX, a leading Indian cryptocurrency exchange, lost customer funds totaling $235 million from one of its multi-sig wallets. This is just the latest example of how Indian crypto investors are essentially on their own if the security of their digital assets is compromised.  Since the hack, the exchange’s token WRX has experienced a significant decline in value, tumbling from $0.36 in March to around $0.15 in August 2024. WRX token price decline on the daily chart | Source: WRXUSDT on TradingView.com However, WazirX has stated that it is working toward restoring the balances of trades between July 18…

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Filed under: News - @ August 23, 2024 12:25 pm