India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’ – Regulation Bitcoin News
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India Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’
The Indian government recently released a report which highlights the need for a common approach to regulating the crypto ecosystem. The report, which was prepared by the Inter-Ministerial Committee (IMC) of the Ministry of Finance, was released on July 22, 2019.
The IMC was set up in 2017 to study the existing framework on virtual currencies and make recommendations for the regulation of the crypto space. The report recommends an oversight mechanism for the crypto ecosystem and proposes a unified approach to regulating the sector.
The report notes that the existing regulatory framework is inadequate to address the issues related to the crypto ecosystem. It also highlights the need for a unified approach to regulating the sector.
The report recommends the establishment of a central authority to oversee the crypto ecosystem. The authority would be responsible for the registration of exchanges, monitoring of transactions, and enforcement of regulations.
The report also recommends the creation of a “sandbox” for the testing of new products and services related to the crypto space. The sandbox would allow companies to test their products and services in a controlled environment before launching them in the market.
The report also recommends the establishment of an inter-ministerial committee to coordinate the efforts of the various regulatory agencies. The committee would be responsible for formulating a unified regulatory framework for the crypto ecosystem.
The report also recommends the creation of a “regulatory sandbox” for the testing of new products and services related to the crypto space. The sandbox would allow companies to test their products and services in a controlled environment before launching them in the market.
The report also calls for the establishment of a National Strategy for Crypto Assets (NSCA). The NSCA would be responsible for the formulation of a unified regulatory framework for the crypto ecosystem.
The report also recommends the establishment of a National Crypto Assets Regulatory Authority (NCRA). The NCRA would be responsible for the registration of exchanges, monitoring of transactions, and enforcement of regulations.
The report also recommends the creation of a “regulatory sandbox” for the testing of new products and services related to the crypto space. The sandbox would allow companies to test their products and services in a controlled environment before launching them in the market.
The report also calls for the establishment of a National Crypto Assets Regulatory Authority (NCRA). The NCRA would be responsible for the registration of exchanges, monitoring of transactions, and enforcement of regulations.
The report also recommends the establishment of a National Strategy for Crypto Assets (NSCA). The NSCA would be responsible for the formulation of a unified regulatory framework for the crypto ecosystem.
Overall, the report highlights the need for a common approach to regulating the crypto ecosystem. The report calls for the establishment of a unified regulatory framework and the establishment of a central authority to oversee the crypto space. The report also calls for the establishment of a “regulatory sandbox” for the testing of new products and services related to the crypto space. The report also calls for the establishment of a National Strategy for Crypto Assets (NSCA) and a National Crypto Assets Regulatory Authority (NCRA). The report also calls for the establishment of a unified regulatory framework for the crypto ecosystem.
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