1 month ago
House panel calls for virtual digital asset regulation
The Parliamentary Standing Committee on Finance has asked for a detailed study and proper rules for virtual digital assets like cryptocurrencies.
They suggest that until these rules are ready, the government could use self-regulatory organizations to manage these assets.
This is because there are currently no clear rules for these assets, and the committee wants to protect investors and maintain order in the market.
The Parliamentary Standing Committee on Finance calls for a comprehensive examination of Virtual Digital Assets (VDAs).
They recommend an appropriate regulatory framework for VDAs like cryptocurrencies.
Pending a comprehensive framework, the government may consider interim regulation through Self-Regulatory Organisations (SROs).
The committee acknowledges an existing regulatory vacuum in the regulation of VDAs.
The goal is to mitigate risks, safeguard investor interests, and ensure market discipline.
- Who
- Parliamentary Standing Committee on Finance
- What
- Called for a comprehensive examination and appropriate regulatory framework for Virtual Digital Assets (VDAs)
- Where
- India
- When
- Not specified
- Why
- To mitigate risks, safeguard investor interests, and ensure market discipline
Pro-regulation
Anti-regulation
Regulatory Framework
Pro-regulation
A comprehensive regulatory framework is necessary to mitigate risks and safeguard investor interests in the virtual digital asset market.
Anti-regulation
Excessive regulation could stifle innovation and growth in the virtual digital asset market.
Key facts
- Committee
- Parliamentary Standing Committee on Finance
- Report
- Securities Market Code (SMC)
- Assets
- Virtual Digital Assets (VDAs)
- Recommendation
- Comprehensive examination and appropriate regulatory framework
- Interim Measure
- Self-Regulatory Organisations (SROs) under regulator oversight
Sources
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