Existing laws on digital assets remain, including the 1% TDS, following the Union Budget, but key industry players remain hopeful that the sector will get the aid it needs with India helming the G20.
Binance sent an email a week ago demanding that WazirX publicly take back all statements about its ownership, but WazirX owners refused the “unethical” order.
New Delhi’s government deployed blockchain tech in its Forensic Science Laboratory (FSL) to ensure that evidence obtained from crime scenes is stored using distributed ledgers to prevent interference.
The report claims that the existing 1% TDS rate is pushing numerous industry service firms out of the country, adding that lowering the rate would still help regulators monitor asset transactions.
The new learning module will cover topics such as consensus algorithms, digital assets, smart contracts, civil identities, and the current challenges that blockchain technology is facing.
Minister Rajeev Chandrasekhar noted that the new rules would be "less prescriptive and more principle-based" to provide for the rapid development of the country's technology sector.
Stakeholders argue that reducing TDS from 1% to 0.01% would provide competitive prices to India's virtual currency users and safeguard them from unregulated foreign exchanges.
Shaktikanta Das, head of the Reserve Bank of India, says that the best way to regulate the industry is to introduce gambling legislation to control digital assets.
The new products that will be offered by CoinSwitch include mutual funds, stocks, U.S. equities, exchange-traded funds (ETFs), and fixed deposits.
IPEF has expressed concern over the rising incidents of digital asset fraud in India and the ignorance of residents investing in the asset class.
The RBI report suggested using the “same-risk-same-regulatory-outcome” principle, which would see the virtual currency service providers being regulated similarly to banks.