Hope for crypto players as Finance Minister gives positive news on upcoming regulations

BENGALURU:  Crypto players have something to cheer about as Finance Minister Nirmala Sitharaman on Tuesday said there were extensive discussions on the regulation of cryptocurrencies and that the government is working on a new Crypto Bill.

Crypto players and experts have hailed the move. 

“These are all steps in the right direction as we continue to build a prosperous crypto ecosystem for users to transact safely,” said Ashish Singhal, Founder, and CEO of CoinSwitch Kuber. Ashish is also the Co-Chair of the Blockchain and Crypto Assets Council (BACC), part of the Internet and Mobile Association of India (IAMAI).

The FM said that regulation of non-fungible tokens (NFTs) is also being considered. Sujata Seshadrinathan, Director, Basiz Fund Services, said, “While there is no ban on crypto, Bitcoin will not be allowed. This is probably an outcome of risks of illegal transfers and non-desirable activities which are being duly monitored by enforcement authorities. Similarly, advertisements will be monitored and regulated if needed based on the guidelines of ASCI. The finance minister said that steps are being taken by Sebi and RBI to caution people about the risks.”

Siddharth Menon, COO and Co-Founder at WazirX tweeted, “Big day for crypto in India. I am feeling more positive.”

Unocoin Co-Founder & CEO Sathvik Vishwanath said this is great news as FM clarified that the draft bill prepared during 2018-19 is being rewritten.

“However, we will have to wait and watch to know the full details of the bill,” he added.