Not just India’s crypto investors, but also people across the globe were curious to know what the winter session of the bill has in it for them, with regards to the cryptocurrency world.
The exchanges, the investors and all the pro-crypto communities were eyeing the bill to see how difficult or easy it is going to be for them to continue trading in cryptocurrency. There were speculations that the government might take a staunch stand on banning crypto, just like the Chinese government did.
But wait! There seems to be better visibility of what was discussed around cryptocurrencies this time. The rumours around a complete ban don’t seem to be on the list. However, as proposed by the BACC (Blockchain and Crypto Assets Council (BACC) during the last weeks of Nov 2021, there is a provision for the regulation of private cryptocurrencies.
As highlighted by the BACC, banning cryptocurrency could lead to more illegal and unlawful activity. The best way to regulate the use of digital assets would be to get them regulated.
There has also been news that cryptocurrencies would be considered and called crypto assets. Also, for a body to regulate these new-age currencies (or assets), SEBI (Securities and Exchange Board of India) would most likely take ownership of the same. Calling the cryptocurrencies as assets and categorising them as a *security* tool and regulating them under SEBI will make sure they do not create any hindrance to the currency launched by the RBI.
The exchanges that are built from and around crypto assets will have to abide by the regulatory ambit set by SEBI. If there are any volitions from the exchanges they might have to pay a penalty ranging from 5 to 20 crores. The exchanges are expected to register themselves with SEBI to help the government ensure that only serious and legit exchanges are sustained in the market. And by doing so the mushrooming of exchanges will be kept under control.
Since there seems to be no overlap between the RBI’s local currency and crypto assets, the bill is expected to be presented in the third week of the winter session.
What does SEBI have to say about this? Well, it does not seem as straightforward as it sounds. SEBI has shown resistance to taking up an interest in such a volatile and sensitive subject as cryptocurrencies. One of the reasons is that they have never set regulations for any form of *asset* or *currency* that is not backed by a strong tangible asset.
With this bringing in some sort of clarity, the final say remains with the parliamentary board. Let us keep our hopes high and wait for the bill to be passed. But before any formal communications come up, Unocoin being the most secure crypto asset exchange platform, wants all crypto lovers to be aware and not blindly believe rumours around the law and the bill.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
Love Crypto Coins. Love Unocoin.
Please find the list of authentic Unocoin accounts for all your queries below:
- YouTube Channel: https://www.youtube.com/c/Unocoin/videos
- Newsletter: https://medium.com/subscribe/@Unocoin_growth
- Blogs: https://blog.unocoin.com
- Instagram: https://www.instagram.com/unocoin/
- Twitter: https://twitter.com/Unocoin
- Facebook: https://www.facebook.com/unocoin/
- LinkedIn: https://in.linkedin.com/company/unocoin
- Telegram Group: https://t.me/Unocoin_Group
- Telegram Channel: https://t.me/+fasQhTKBsfA5N2Zl
- Telegram: https://t.me/UnocoinSupport_Bot
- E-mail id: [email protected]
- Contact details: 7788978910 (09:30 AM IST — 06:30 PM, Mon — Sat)
- App store link: https://apps.apple.com/us/app/unocoin/id1030422972?ls=1
- Playstore link: https://play.google.com/store/apps/details?id=com.unocoin.unocoinwallet
Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).
