Jayant Sinha, Chair of the Parliamentary Standing Committee on “CryptoFinance.” makes comments during a recent interview with CNBC TV18 on the “regulatory framework is in consideration.”
Furthermore, as per the meeting, Sinha explains that the committee is yet to take a view on the matter as,
“…the committee wanted to understand what was happening in the industry,…”
“the industry has attracted significant attention.”
More so, Jayant Sinha believes,
“It is very important to balance innovation and regulation.”
Furthermore, SC Garg, Former Finance Secretary, has however a contrasting view.
“Whenever you talk about regulating something,..”
“we need to figure out what are we regulating.”
Additionally, Garg goes on to explain that cryptos are not something “which we have really figured out.”
“You can’t bring a separate law for only the crypto exchanges…”
“and not for the crypto as the asset or the product.”
Meanwhile, Jayant Sinha supports there are very powerful use cases for distributed ledger technology. Then, Garg wants the regulators to first understand if crypto is currency, commodity, service, platform, or asset.
Furthermore, Jayant Sinha goes further to note that they have to
“understand the different ways in which market participants want to use crypto.”
Lastly, while talking on the taxation, Sinha explains,
“Today’s taxation framework is very capable of handling crypto tokens and crypto finance.”
Then, Jayant Sinha confirms the Chair it wants to balance out the potential risks, which might become a good opportunity for India,
“Today’s taxation framework is very capable of handling crypto tokens and crypto finance.”
