According to Avinash Shekhar, Co-CEO of ZebPay, the government setting up a panel will be a step in the right direction. “We believe that the government will consult with all stakeholders and take a calibrated approach in regulating cryptos in India and ensure all investors who have invested in cryptos are protected,” Shekhar.
Sharat Chandra, Blockchain Expert, IET Future Tech Panel, said India’s crypto ecosystem has deﬁnitely come of age. With more than 1.5 crore retail investors holding digital assets worth 15,000 crores, crypto is deﬁnitely a force to reckon with.
“The crypto community has always spoken, in unison, about their willingness to be regulated. In the absence of regulation, the cryptocurrency industry stares at an uncertain future,” said Chandra.
Commenting on the recent bloodbath in crypto markets, which spooked many ﬁrst time crypto investors and raised concerns about investor protection, Chandra said, “Once crypto exchanges start embracing governance and investor protection guidelines, meant for stock exchanges, risks associated with volatility can be fairly addressed.”
“There has to be a well-deﬁned regulation with respect to cryptocurrencies. Regulation with adequate investor protection and compliance would augur well for the crypto industry. It remains to be seen how the newly constituted government panel views digital currencies- as an asset class, commodity, utility or otherwise,” he added.