The US push for clearer crypto rules is putting pressure on India to fill its own regulatory gap for virtual digital assets.
Despite near gender parity in basic bank account ownership, women in India remain significantly underrepresented in the growing platform economy due to gaps in digital financial capability and access to credit, according to a joint report by the International Labour Organization and National Council of Applied Economic Research.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters. Finance Minister Nirmala Sitharaman's budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
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