The Indian Parliamentary Committee has called on the authorities to abandon the idea of a total ban on crypto assets and instead introduce them into the legal systеm as recognized digital assets. Despite the detailed description of the scale of the criminal use of blockchain technologies, the expert group focused on regulation rather than on the suppression of innovation.
Instead of drastic measures, the committee suggests integrating the crypto industry into current legislation, including FEMA, which will allow for control through KYC and AML standards.
The recommendations inсlude mandatory licensing of trading platforms, transparent taxation and compliance with international FATF standards. At the same time, the current taxes of 30% and 1% of withheld income are recognized as functioning without a clear legal basis.
