India needs a regulatory framework to reap crypto benefits. Outlook India Magazine

For a long time, the cryptocurrency industry has had a turbulent relationship with global regulators. While regulators in some countries, such as Switzerland, have widely accepted cryptocurrencies and promoted their development, countries such as India have not banned them, but have yet to formally define their legal status. Right now, India is far from truly taking advantage of the benefits of cryptocurrencies and the potential they have. A look at the global regulatory landscape for cryptocurrency reveals that the most progressive countries have either already regulated the industry, or have proposed legislation applicable to the emerging cryptocurrency market.

Singapore, which is considered a global technology hub, is a notable example. Cryptocurrency trading in the island nation is regulated by the Monetary Authority of Singapore under the country’s Payment Services Act, 2020, while public offerings or issuance of digital currencies is regulated by its Securities and Futures Act, 2001. Legislation and related licenses have established a progressive framework for …