As per the media reports, Indian government has clarified in a cabinet note that crypto will be regulated in India instead of a ban.
Shivam Thakral, CEO, BuyUcoin, said: We are extremely delighted but not surprised to see the media reports regarding the government's plan to regulate crypto assets instead of banning them. Since the beginning, we have supported the classification of cryptocurrency as an asset class, similar to gold, stocks, and real estate. It will be interesting to see the timeline and manner in which the crypto bill is implemented across the diverse crypto industry in India. Crypto is officially all set to go mainstream in India as this will further boost investor confidence and encourage the investors sitting on the fence to start their crypto journey. The crypto startup community in India sees this as a defining moment that will provide much-needed recognition for the hard-working workforce employed in the crypto industry and will generate large-scale employment opportunities for the youth of India. With such ease of doing business for the digital asset industry, India is well on track to become a 5 trillion dollar economy.
Jay Hao, CEO of cryptocurrency exchange, OKEX.com, said: The media reports around Indian government planning to regulate are extremely satisfying. When OKEx entered the Indian market early this year, we were optimistic about India's strong policy framework we are now finally witnessing India's crypto policy taking shape to ensure a better future for the entire crypto ecosystem in India. We can now expect more foreign exchanges enter India and invest in building the required technical infrastructure and hiring manpower to run their operations. The global crypto community will be closely monitoring the situation in India as we into the finer details of India's crypto law.