By Aditya Raghunath
Investing.com -- Cryptocurrency industry association IndiaTech.org has sent a five-point recommendation to 12 government bodies, including the Income Tax department, Ministry of Corporate Affairs, Reserve Bank of India, and Niti Aayog, to boost India’s crypto economy.
These points include declaring crypto-assets for tax purposes and a system to register homegrown crypto exchanges.
- Define crypto assets and introduce a system for registering local homegrown crypto exchanges in India.
- Introduce sufficient checks and balances through well-defined reporting mechanisms and accounting standards to counter suspicious activities.
- Enable taxation (direct and indirect) to treat crypto assets similarly to other current assets, generating additional revenue for the state.
- Allow innovative uses of crypto by businesses and create specific safeguards to protect retail investors from fraud.
- Encourage self-regulation for the industry, including a code of conduct and regulatory framework in alignment with the government’s primary objective of safeguarding consumers and financial stability.
In an interview to The Economic Times, Ramesh Kailasam, CEO IndiaTech.org said, “Disclosure of such investments by individuals could lead to a transparent audit because currently the onus is on crypto exchanges which do KYC (know your customer) checks on their own.”
The whitepaper also says, “We recommend minimum ownership of 26% by Indian founders/entities in crypto exchanges, similar to the practice followed in the banking sector in India (FDI capped at 74%).”
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