Amidst all the turmoil going around the regulation of crypto in India, legal experts have given their overview regarding the situation. Moreover, Legal Experts believe that a complete ban on crypto in the country is a late move now.
Crypto in India is really at a tussle these days. Several groups in the country have spoken about it. Some in favor & some against it. While the general consensus among the crypto community is secretly optimistic, there’s not much else available about the government’s stance towards it.
To add to the spoilsport, reports suggest that the cryptocurrency bill slated for discussion in the winter session wasn’t tabled largely due to the non-approval in the cabinet meeting.
Besides all this, legal experts in the country say that it is too late to ban crypto now. They explain it by saying that the Indian Government has to balance its legislation towards disruptive technology. Not only that but they should ensure investors don’t hurt themselves in the highly-volatile nature of crypto.
An equally important aspect is that the government should take measures to prevent crypto from getting out of control. Such a drastic situation can hamper India’s foreign exchange reserves and economy.
Executive Partner at Lakshmikumaran & Sridharan Attorneys said regarding this:
“The government is viewing cryptocurrencies as investment instruments and plans to regulate them. Under income tax rules, cryptocurrencies are likely to be treated as assets and attract capital gains. GST and TDS are other areas where the position of law is not clear.“
Overall, legal experts state that India requires a comprehensive crypto regulation with themselves not comparing it with other developed nations. This is likely due to differences in foreign exchange regulations.