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Rather than banning the crypto industry, the Indian parliament has decided to regulate it instead. This victory is one of the most significant political successes for the crypto space.

“There was overall consensus among MPs that there should be regulation instead of banning it,” said an anonymous source to local media.

Representatives from Indian crypto exchanges like CoinDCX, WazirX, and Coinswitch Kuber participated in the meeting. Other participants included members from Blockchain and the Crypto Assets Council (BACC).

“The government is clear that it must make something happen before the Budget Session,” said an unknown source.

With the budget session coming up in February, a finalized regulatory plan would represent a significant market opening up.

Ever since the Supreme Court overturned the central bank Diktat in 2020, the crypto market has grown substantially to the point that Coinbase opened up an office in India.

Some estimate there are 100 million crypto users in India. More realistic evaluations would suggest roughly 20-30 million users, about as many as are in the US.

The code-based crypto space could merge well with India’s focus on the service industry, considering their rather proficient English-speaking workforce.

The upcoming establishment of certainty on cryptos in India might well transform this somewhat lost market into a hot spot.

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