In the latest development, India’s crypto exchange maybe ask to appoint a local point of contact, similar to the new IT rules that require to have a Grievance Officer for social network entities operating in the country. This was revealed by industry insider Aritra Sarkhel, Director at Public policy and Government Affairs on WazirX.
Sarkhel has been a part of the discussion group with the government about the crypto bill, revealed in a webinar session about the Indian government’s keen interest in appointing a grievance exec who would be working to resolve complaints and queries as and when needed. This would further open up job opportunities for lawyers as there are at least 15 homegrown crypto exchanges in the country, like WazirX and CoinDCX, as well as foreign trading firms, like Coinbase and CrossTower, who have shown interest in setting up offices in India.
Further in the discussion, Sarkhel said that other aspects of the blockchain world aren’t quite on the government’s radar yet.
“Listen, nobody is discussing the metaverse at the highest quarters. We’re discussing cryptos and exchanges and NFTs, a little bit. I don’t think people are discussing the metaverse.”
The main focus of the administration has been understanding the differences between traditional and crypto trading platforms and how they function. Dwelling more, the industry expert revealed that the government is working to figure out the inflow and outflow of money in users’ wallets and ‘what sets one cryptocurrency apart from the next.’ With regards to non-fungible tokens [NFTs], most of the conversation revolves around how they should be taxed as HODLer of digital art, as a buyer, or as a creator.’ Having said that, the Indian crypto scene has not witnessed any significant developments so far.
India’s much anticipated crypto bill deferred
India’s much-awaited cryptocurrency bill is unlikely to be tabled in the ongoing session of Parliament as the government is yet to finalize details of the legislation, according to sources close to the government. As a matter of fact, the schedule for the last week of the Parliament session has left out the crypto bill from its list of business. However, the government can still introduce the legislation during the ordinance [a temporary law made by the president] in periods when the parliament is not in session.