“With the Indian government’s plans to present a crypto regulation bill in the parliament’s winter session, we look forward to it and hope to see a balanced approach – allowing innovation while at the same time balancing the need for consumer protection,” he opines.“Nearly 15 million Indian retail investors representing 1.8% of the population have invested over $6.6 billion in crypto assets. By self- regulating and enabling KYC and AML policy, members of crypto exchanges in India have been playing a critical role, in the absence of regulations in India,” Ahuja says in defence of the industry.While concerns related to money laundering, terror financing and other potential misuse have been raised, Ajay Pandey, senior faculty, finance and accounting at the Indian Institute of Management – Ahmedabad believes the real concern is if India can afford to remain isolated from the rest of the world.“What are the other countries doing, what is the impact? And then we have to accordingly recalibrate ourselves. You can’t really take an ideological position. It’s like saying ban gold…,” Prof Pandey quips.
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