Regulation

Indian crypto regulations could benefit from an HODL strategy

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India is currently in a crucial phase in the global crypto market, aiming to balance innovation and security. Inspired by other countries, it focuses on how to regulate virtual digital assets (VDA). An “HODL” strategy could be adopted, emphasizing responsible regulation to encourage growth and innovation in the sector.

The Indian VDA and Web3 landscape is brimming with potential. In view of the changing global situation, India should seize this opportunity. According to the ‘India’s Web3 Landscape 2023’ report by Hashed Emergent and partners, India is home to over 1,000 startups and 12% of the world’s Web3 developers, making it one of the largest ecosystems in the world.

Recently, at G20 Summit, India has demonstrated its leadership in advocating for global regulatory standards. The country is calling for collaborative efforts to consider the international nature of crypto assets and manage their broader financial implications.

The EU is preparing for the implementation of the Markets in Crypto-Assets (MiCA) Regulation, which is expected to come into force this year.

Dubai International Financial Center (DIFC), a leading global financial hub, recently introduced the world’s first digital assets law. Positioned as the leading financial hub in the Middle East, Africa and South Asia (MEASA) region, the move underlines its commitment to adopting digital finance.

Meanwhile, the UK government is making waves with its ambition to become a global leader in Web3, as it plans to regulate crypto assets through formal legislation in 2024.

At the beginning of 2024, when the American SEC gave the green light to 11 ETFs, making it easier for investors to access Bitcoin directly through regulated channels.

Following this announcement, Bitcoin exceeded the The $70,000 mark for the first time, signaling renewed interest and confidence in cryptocurrency.

The move not only provides investors with a familiar and regulated way to access Bitcoin, but also highlights the growing integration of digital assets into traditional finance.

Read also: Indian authority dismantles “E-Nugget” app scam with Binance

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