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Indian Crypto Regulation: The Past & The Future

Fireside Chat on 'Indian Crypto Regulation' at IBW2023 Conference 💡 Moderated by Dilip Chenoy (Chairman, Bharat Web3 Association), Amit Rangari (Head of Legal, Mudrex), and Bharath T (Co-founder and CEO, OnMeta) shared insights on the evolving landscape of crypto regulation in India Details Below 👇 Dilip Chenoy kickstarted the session by: - Discussing the impact of significant regulatory developments, including G20 discussions and VDA reporting - Highlighting the legitimacy and recognition gained by the Web3 sector through reporting requirements - Pointing out the positive impact of FIU reporting on improving clarity and direction for the industry - Discussing investor concerns about Indian regulations Amit Rangari covered: - Positive impact of being recognized as a reporting entity, bringing legitimacy to their operations - Evolution of KYC and AML practices, highlighting increased scrutiny and approval by regulators - Addressing the unpredictability of government regulations as a major concern for investors - Stressing the need for a top-down approach from the government to change the mindset of law enforcement and bankers Bharath T spoke about: - Positive step of being recognized as reporting entities and the long way to go for the industry - Challenges of being treated with skepticism by bankers - Difficulty of convincing web2 investors in India about the potential of the crypto market - Outlining future changes needed in VDA regulations, including addressing taxation and promoting blockchain gaming