The CEO of Indian crypto exchange WazirX, Nischal Shetty, and several other stakeholders in the industry have been reported to work on trying to convince the government to have a more nuanced approach to crypto regulations.
India’s Blockchain and Crypto Council has created a presentation note in which it mentions recommendations for crypto regulation in India. The council is part of the Internet and Mobile Association of India (IAMAI).
The proposed regulatory framework of the council includes measures that address problems like money laundering or threats to rupee monetary sovereignty in India.
Shetty believes that this proactive approach of the crypto stakeholders in the country is imperative as a result of the negative attitude that the government has regarding crypto.
This is why the council wants to present its recommendations to several government agencies, such as the Department of Economic Affairs and the Ministry of Electronics and Information Technology.
The WazirX CEO mentioned that the crypto collective had worked for over two months to understand the government’s crypto opposition, which is why he is very confident that the recommendations will include solutions that would please both sides.