Indian crypto exchange execs intensify lobbying efforts to prevent ban

Cryptocurrency exchange operators in India are attempting to dissuade the government from banning digital currencies.
Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations.According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India. The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country.For Shetty, the proactive approach adopted by crypto stakeholders in the country has become necessary given the negative stance taken by government authorities toward cryptocurrencies.Thus, the council plans to present its recommendations to government agencies like the Ministry of Electronics and Information Technology and the Department of Economic Affairs.According to Shetty, the crypto collective has taken the last two months to understand the government’s anti-cryptocurrency reservations and is confident that its recommendations constitute workable solutions for all parties involved.The WaziriX CEO said the council hopes to be given a forum to present its ideas formally to all regulatory stakeholders.India’s government has yet to deliver a decisive position on cryptocurrencies, with this regulatory void giving rise to some speculation of a possible blanket ban.Earlier in March, the country’s finance minister, Nirmala Sitharaman, dismissed rumors of …
Story continues on Cointelegraph

Related posts
Banking RegulatorBinance.usBitcoin.comBlake PaulsonBrian BrooksCatherine ColeyCoinbaseCryptoCrypto ComptrollerExchangesNewsOCCOffice of the Comptroller of the CurrencyregulatorUS Binance

Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine…
Cameron WinklevossCointelegraph.comCryptocurrenciesCryptocurrency ExchangeGeminiWinklevoss twins

Gemini exchange’s crypto custody doubled since January, reaching $25B

Gemini Custody has quickly emerged as a leading platform for institutional investors. The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time. In charting its…
bitcoin regulationCointelegraph.comGovernmentPoliticsregulationUnited States

Ohio senator wants clarity for crypto tax reporting in proposed bill

Senator Rob Portman said lawmakers were “still pulling in information” on crypto to formulate the bill, implying he announced it to the public prematurely. A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S….