Investor protection is of paramount importance when it comes to framing regulations.
On Monday, the Parliamentary Standing Committee on Finance met the crypto industry associations and experts to discuss ‘CryptoFinance: Opportunities and Challenges’.
“There was an understanding that cryptocurrency can’t be stopped but it must be regulated”, some sources told Asian News International (ANI).
It was clear among all the stakeholders that a regulatory framework is the need of the hour. But who is going to be the regulator, needs to be figured out. None of the stakeholders was clear about this.
MPs expressed that investor protection is of paramount importance when it comes to framing regulations. On the contrary, industry experts were of the view that “cryptocurrencies are some sort of investors’ democracy.”
A repeated issue from Saturday’s high-level meet was advertisements. A Member reiterated concerns over the blitzkrieg of full-page advertisements in national dailies.
Members of the Committee now want to listen to the concerns of Government officials.
Whenever an innovation results in a new market, new laws are needed to be framed. Similar occurrences were observed during the internet boom in the 1990s and early 2000s. India too framed its laws which were promulgated through the Information Technology Act, 2000. Likewise, new laws may be framed for the crypto industry.
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