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This may be a sign that India's crypto space is evolving into a mature financial market even as tax uncertainties loom.
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This may be a sign that India's crypto space is evolving into a mature financial market even as tax uncertainties loom.
While most crypto exchanges in India welcomed the announcement, lawyers urged to consider the exact implications.
The lack of norms makes it difficult to judge the legality of crypto transfers abroad, lawyers speaking to MediaNama noted.
While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.
It also gave the government pointers on how to decide taxation of crypto assets, starting with its classification under the law.
Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.
Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.
The framework is proposed at a time when countries like India are pondering over how crypto can be regulated.
The company's debut comes at a time when India's crypto adoption numbers are on the rise.
The IMF warned that adopting crypto assets as legal tender carries risks for the country's macroeconomy, among others.
