Experts welcome India’s lead role on crypto norms
Innovation remains a major challenge in digital assets; Laws have had a challenging time with digital produce assets, both in monetary terms and in the art world
- Virtual assets are quite challenging
- Need of regulatory framework for investor protection
- Less restrictive tax policy
- Adoption of crypto will continue in India and overseas
- Crypto platforms like ZebPay look forward to working with regulators and policymakers
Mumbai: India has taken the lead in forming a global consensus on cryptocurrencies and how they will help in the further development of Web3 technology globally. Finance Minister Nirmala Sitharaman has recently said that India’s G20 Presidency aims to develop a common framework to deal with crypto risks.
Talking to Bizz Buzz, Rahul Pagidipati, CEO, ZebPay, says: “It is great to see the efforts undertaken through India’s G20 Presidency for the crypto industry. We strongly believe that a regulatory framework ensuring investor protection and a less restrictive tax policy will enhance the growth and adoption of crypto in India and around the world.”
“We also commend the focus on addressing debt distress in developing nations, as this will play a crucial role in promoting economic stability and global growth. We are committed to providing a secure and transparent platform for our users to trade crypto, and we look forward to working with regulators and policymakers to create a healthy regulatory environment that fosters innovation and promotes responsible usage of digital assets,” he said.
The FM said that given the sophisticated technologies involved with these virtual assets, countries must discuss whether a regulation is needed.
Pratik Gauri, Co-Founder & CEO, 5ire, said: “The virtual asset world is highly innovative, as well as volatile, like most new-fangled financial markets. As I have previously stated, taxation is entirely in the purview of the Indian government as far as the country is concerned. Whether it will be implemented globally is another discussion.” Reaching a consensus between parties on virtual assets would be quite challenging, given that various countries, even developed economies in the G20, have primarily embraced it with precautionary measures. In addition, most developed countries, thus far, have had a laissez-faire
approach towards them, although there has been some effort to regulate them as securities, he added.
What remains challenging is the innovation occurring in digital assets. Laws have had a challenging time as is with digitally produced assets, both in monetary terms and in the art world. It will be interesting to see how India addresses it to get the world to get behind the effort to regulate virtual currencies.
Gauri further stated: “We look forward to working together and collaborating with the government to ensure policy regulations. Building and scaling trust is critical to our endeavors.”
The FM’s announcement about the G20’s intent to develop a common regulatory framework to regulate crypto assets during India’s presidency has been welcomed by all the stakeholders”.
Avinash Shekhar, CEO & Founder, TaxNodes, said: “In the absence of clear policies and frameworks, the crypto and Web3 space have not been able to reach their full potential and events like the collapse of FTX have further eroded trust in the industry.”
Thus, a common framework that all nations can adopt will help the industry regain investor trust and mature in the long run.
It’s great to see the efforts undertaken through India’s G20 Presidency for the crypto industry. We strongly believe that a regulatory framework ensuring investor protection and a less restrictive tax policy will enhance the growth and adoption of crypto in India and around the world
- Rahul Pagidipati, CEO, ZebPay, tells Bizz Buzz