August 20, 2022

Indian crypto exchange execs intensify lobbying efforts to prevent ban

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Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations.

According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India.

The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country.

For Shetty, the proactive approach adopted by crypto stakeholders in the country has become necessary given the negative stance taken by government authorities toward cryptocurrencies.

Thus, the council plans to present its recommendations to government agencies like the Ministry of Electronics and Information Technology and the Department of Economic Affairs.

According to Shetty, the crypto collective has taken the last two months to understand the government’s anti-cryptocurrency reservations and is confident that itsTitle: Indian crypto exchange execs intensify lobbying efforts to prevent ban
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Published Date: Mon, 29 Mar 2021 19:15:00 +0100