Indian authorities have decided to officially regulate Bitcoin market – The Cointelegraph reports.
Three years ago, the biggest Bitcoin exchanges in India (Coinsecure, Unocoin and Zebpay) enforced the “Know Your Customer” and anti-money laundering systems on their own initiative. It is said that this move had a profound impact on the Indian’s government decision.
The government has already established a task force to form the necessary regulatory frameworks for Bitcoin.
Eric Benz, Managing Director at Cryptopay and SiGMA17 Speaker, commented for SiGMA: “At the moment doing any business between India and the rest of the world is difficult and complex. When looking at the area for financial inclusion India is a very big market with so much potential. The recent announcement in respects to making Bitcoin legal is a major step not only for this growing ecosystem but for financial services as a whole. Cryptopay currently does not serve customers from India but hopefully soon with the right regulatory guidelines this will be a new market for us to deliver our services too.”
CEO of Coinsecure (one of the biggest Bitcoin exchanges in India), Mohit Kalra, told The Cointelegraph: “Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it’s all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”
As the sources report, the new legislation is to be introduced “in the short term”.
2017 has been quite a year for Bitcoin. In April Russia officially recognised the legitimacy of the world’s most popular digital currency and planned to introduce regulations next year. Earlier in March, it was announced that one Bitcoin was worth more than an ounce gold. This undoubtedly broke psychological barriers of many investors and put this cryptocurrency in the strongest spotlight ever.
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