‘Hard to set up body to regulate cryptocurrency’

Setting up an appropriate regulatory framework for cryptocurrencies and crypto assets in India continues to be a challenge with other countries taking differing approaches to find a solution, the Inte

Setting up an appropriate regulatory framework for cryptocurrencies and crypto assets in India continues to be a challenge with other countries taking differing approaches to find a solution, the Internet and Mobile Association of India (IAMAI) and Blockchain and Crypto Assets Council have said. The Centre had earlier indicated that it would take a ‘calibrated approach’ towards digital assets and formulate a Bill on cryptocurrencies. The country required a smart and sensible crypto regulation. In this regard, it would be useful to consider the approach of other jurisdictions such as Singapore that took a balanced approach with regulations aimed at preventing nefarious activity without impending technology innovation, the apex body recommended during a webcast on Friday. Sriram Chakravarthi, counsel, Rajah & Tann Singapore LLP, stated that to create an effective regulatory framework, governments should collaborate with the crypto industry and representative bodies, and consider international approaches, particularly on the cross-border aspects of crypto regulation.