India crypto regulation news: In what comes as a much needed explanation around crypto regulation in India, the country’s authorities highlighted the need for common global initiatives. Interestingly, the report also mentioned the role of crypto asset exchanges, wallet providers, and crypto conglomerates in the digital assets ecosystem. It said these entities are requiring users to trust centralized entities, as opposed to the idea of decentralization cryptocurrencies are based on. The government expressed its views on the lack of global standards for unbacked crypto assets.
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Crypto Market Volatility
Although the Economic Survey 2023 report acknowledged that the global response to cryptocurrencies is evolving, it further expressed concerns around lack of regulation. The Indian government described crypto assets as new forms of digital assets implemented using cryptographic techniques. With the heavy volatility in recent times, the crypto market shrunk from $3 trillion to $1 trillion in the space of just 14 months, it said.
“The geographically pervasive nature of the crypto ecosystem necessitates a common approach
to the regulation of these volatile instruments.”
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