Victor Ugochukwu · Dec 14, 2020 . 5min read
India’s Crypto Exchange BuyUCoin Develops Crypto Regulatory Framework
Amidst early rumours of a second crypto ban, India's BuyUCoin prepares a draft Sandbox for crypto regulations in India.
By Komal Joshi · Sep 25, 2020 . 5min read
India is undergoing a new surge of reiterated discussion for cryptocurrency’s legality amidst recent rumours about the second ban on cryptocurrency. However, recently it’s a need of an hour to possess a well-defined framework to manage cryptocurrency in the country. In its decision against the RBI ban on the crypto transactions, the Supreme Court of India also supported the creation of the regulatory framework. BuyUCoin, one of the significant Indian crypto exchanges, has now developed a regulatory framework to govern cryptocurrency in India. The exchange has declared support from all the Indian crypto stakeholders.
BuyUCoin Plans to Make Cryptocurrencies Accessible
With BuyUCoin developing the crypto framework, we are not aware as to who is instrumental in developing the framework which unveils on October 2, 2020. BuyUCoin described the framework as a draft set of community-driven rules, propositions, and implementation methods. The exchange will present the regulatory framework to the Indian government, once prepared.
Shivam Thakral, CEO and co-founder of BuyUCoin, has said that this step by the exchange could be seen as the first milestone for the Indian crypto industry. The exchange is aiming to make cryptocurrency available to the masses. According to the exchange, this draft will help India’s government make proper crypto laws. Additionally, it will help different crypto startups that are aiming to enter the industry.
India’s Crypto Community Criticizes the Decision of Banning Crypto
Evidently, the Indian crypto community is sincerely scrutinizing the purpose of banning cryptocurrency by the Indian government. It will be a major disadvantage for the country. Cryptocurrency enthusiasts compare the crypto ban to the derivatives ban in 1953. The community understands that the Indian government should take the right steps and start with regulating cryptocurrencies. There have been considerable developments in this sector. Thus, it is high time to come up with the proper regulations. However, the step of developing the regulatory framework by BuyUCoin is going to contribute mainly to this.
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