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Framing an appropriate regulatory framework for cryptocurrencies and crypto assets continues to be a challenge with countries taking differing approaches to find a solution.
Singapore had proactively taken measures to prevent nefarious activity without impending technology innovation, which India could learn from, Blockchain and Crypto Assets Council (BACC) says at a virtual conference.
‘Hard to set up body to regulate cryptocurrency’
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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.