Cryptocurrencies first appeared in 2009, and the industry’s market capitalization now exceeds $ 2.5 trillion.
According to the Blockchain and Crypto Assets Council of India, there are over 15 million retail crypto investors in India and the cumulative investment by retail investors is estimated to be $ 6.6 billion.
The industry body also said that with progressive regulations, the crypto industry could generate potential annual tax revenue of more than $ 1 billion.
Countries like the US, UK, Japan, Germany, and Singapore already have regulations for the cryptocurrency industry. The European Union is considering a consolidated framework on cryptocurrencies. China, which in 2019 accounted for 75% of all cryptocurrencies in the world, recently banned all cryptocurrency-related services.
So what should be the starting point for India to start regulating the sector? To discuss this, CNBC-TV18 spoke with Timothy Massad, former president of the US CFTC.
Watch the video to learn more.
First publication: STI