The Indian government may soon strike a more deciding tone on Bitcoin [BTC, +1.05%], moving far away from its initial decision to impose an outright ban on private cryptocurrencies.
The government may classify bitcoin as an asset class, industry sources told The New Indian Express, revealing that the SEBI [Securities and Exchange Board of India] will regulate the cryptocurrency sector.
The cryptocurrency regulation bill might be tabled within the monsoon session of the parliament set to start next month, a source told the Indian publication.
Leading cryptocurrency exchanges like United States-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are already scouting for India’s entry in hopes that the market will explode once regulatory uncertainty subsides.
Authorities across the world are taking steps to manage the fast-expanding market. Early today, the Basel Committee on Banking Supervision recommended stricter capital requirements for holding bitcoin.
The Indian cryptocurrency businesses have seen solid growth, with millennials embracing bitcoin ever since the country’s Supreme Court put aside the RBI’s [Reserve Bank of India] crypto banking ban introduced earlier in March last year.