India’s COINS Act Model Law Could Offer Regulatory Clarity and Propose Bitcoin Reserve for Crypto Ecosystem
Main Idea
The COINS Act proposes regulatory clarity and a Bitcoin reserve for India's crypto ecosystem, aiming to address ambiguity and heavy taxation while fostering innovation and consumer protection.
Key Points
1. The COINS Act introduces the Crypto Assets Regulatory Authority (CARA) to streamline regulation, inspired by the EU's MiCA framework and Singapore's sandbox approach.
2. It aims to reverse the exodus of crypto developers by reducing regulatory ambiguity and heavy taxation, as highlighted by Vishal Achanta.
3. The Act proposes converting legally seized crypto assets into a strategic Bitcoin reserve to support the ecosystem.
4. Hashed Emergent and Black Dot plan to engage with government bodies like the Ministry of Finance and RBI through workshops to refine the framework.
5. The COINS Act seeks to balance innovation with consumer protection by delineating compliance requirements for centralized exchanges.
Description
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