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There is need for tech-driven regulations for digital assets: Report
There is a need for a principle-based standard operating procedures and a technology-driven regulatory framework for virtual digital assets, according to a report.
The report, jointly prepared by leading public policy research and advisory firm Chase India and law firm INDUSLAW, also comes amid the crypto asset market gaining momentum over the last few years.
It highlighted the requirement for developing a technology-driven regulatory framework to promote cooperation across borders and to address the major policy concerns around financial stability, investor and consumer protection, and money laundering.
India is making efforts under the ongoing G20 Presidency to catalyse a global consensus to regulate the crypto asset sector.
Over the last 4-5 years, the crypto asset market has gained momentum and has witnessed a substantial increase in both investor numbers and market capitalisation.
However, despite the large number of industry players and consumers involved in the crypto asse