BeginningNovember29,2021,theGovernmentofIndiaisholdingWinterSessionofParliamentwhere26newbillswillbeintroducedforconsiderationandpassing.Amongthem,“TheCryptocurrencyandRegulationofOfficialDigitalCurrencyBill,2021”hasdrawnhugeattentionintheworldofcryptoexchange,amidthepouringofglobalcapitalintotheIndianDigitalAssetMarket.AccordingtoPRSIndia.org,thekeyobjectiveofthisbillisto“SeektoprohibitallprivatecryptocurrenciesinIndiawhileallowingforcertainexceptionsthatpromotethetechnologyofcryptocurrency.?Also,createaframeworkfordigitalcurrencythatwillbeissuedbytheReserveBankofIndia.”
Notsurprisingly,accordingtoEconomicTimes,IndiaSection,“TheIndiancryptomarketreactedadverselyonWednesdayto?India’sintentiontobanmostcryptos?aspartofaplantointroduceadigitalcurrencyregulatedbyitscentralbank.,whenitcrashedby15%duetopanicselling.”However,”Themarketisquicklyrecovered,re-instillingthestrongfundamentalbeliefinvestorshaveinthisassetclass.”Thereasonofthis,statedbyJackDenton?inanarticlepublishedonBarron’s,isdueto“optimismthatnewrulesforcryptocurrenciesplannedbytheIndiangovernmentwouldfallshortofanoutrightban.”Asthepoliciesremainvague,theindustryisstilloptimisticonthepotentialoutcomes.
"Theseexceptionscanbeanything–itmightjustbetheroadmapforanotherfinancebillthatwillbringcryptosunderthetaxambitfromthenextfinancialyearthatstartsfromApril1,2022;oritmayallowtradinginhighmarketcapandrelativelystablecryptoslikebitcoinandether,butbanhypervolatileassetslikememecurrencies,"statedKunalSawhney,CEOofequitiesresearchfirmKalkineGroupinaninterviewwithYahooFinanceUK.
Indianmarkethasbeen?apreciousjewelintheFarEast?region?sincethebeginningof2021,attractinghugecapitalinjection.ThisisevidentbysignificantgrowthinIndian’shomegrowncryptoexchange?platforms,includingCoinSwitchKuber?andCoinDCX.Besides,internationalplayershavealsobeenjoiningtheracetoexpandinthecountry.TheIndianpolicymakers’?debateoncryptoassetsdoesn’tseemtohaveaffected?thefundraisingforexchanges,?northegrowththeyhavebeenexperiencing.
MostrecentlyonNovember28,2021,Coinstore,aSingapore-basedcryptoexchange,haslauncheditswebandappplatformandplansbranchesinIndia.ItisjustoneoftheglobalexchangesthatenterintotheIndianmarketatatimewhenthegovernmentispreparingthelegislation.?AOFEX,agloballeading?cryptoexchange,hasannouncedtheopeningofitsIndianbranchonOctober15,2021,andhasexperiencedsignificantgrowthinthenumberofitsregisteredusersandtradingvolume.
AOFEX,basedinLondon,UK,isaworldleadingdigitalassetsservicesplatform.Itisdedicatedtoaccomplishingthemissionof“includingmorepeopleintothedigitalfinance”,andworkshardprovidingprofessionaldigitalfinancialservicestousersaroundtheworld.Tilltoday,AOFEXhasobtainedtheUSMSBlicense,andestablishedAOFEXGLOBALandlocalbranchesincludingCanada,JapanandIndiatoprovidetopquality24/7servicesformorethan1.80millionusers.
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