Zebpay will join the organization that is proposing a regulatory framework for cryptocurrencies in India

Zebpay cryptocurrency market and others doing business in India are reportedly joining IndiaTech, an association that aims to supply regulatory clarity for cryptocurrencies in the country.

According to an Economic Times report on Monday, executives of many Indian crypto exchanges said their companies are contemplating joining IndiaTech to pressure the authorities to govern cryptocurrencies, and Zebpay confirmed it. The report comes a month later the organization printed a white paper containing policy recommendations on a regulatory framework for crypto resources and exchanges in India.

“The exchange loves the approach we have taken to solving problems,” stated Rameesh Kailasam, CEO of IndiaTech. “Cryptocurrency exchanges want to be part of IndiaTech because we have been interested in the history and perception of the industry over the past few months.”

IndiaTech’s whitepaper includes proposals for a regulatory framework that would specify cryptocurrencies, including Bitcoin (BTC), as a digital asset as opposed to a currency. According to the organization, this could lawfully make them like “gold, stocks or marketable securities”. Additionally, the proposal recommends introducing terms for the nation’s tax legislation that seem to be lacking for crypto consumers and generating a clearer framework for fighting money laundering and know-your-own compliance.

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“There hasn’t been a major breakthrough yet,” stated an unnamed executive at one of the important crypto exchanges of linking IndiaTech. “Ultimately, this effort will require a combination of whitepapers, codes of conduct and other things.”

Indian crypto exchanges such as WazirX, CoinSwitch Kuber, CoinDCX and Zebpay were a part of the Blockchain and Crypto Assets Council, an arm of the Internet and Mobile Association of India. The association helped lawmakers enact the Reserve Bank of India’s ban on financial institutions providing services to crypto companies in India, a measure the nation’s Supreme Court overthrew in March 2020.

Reports are circulating suggesting that Indian lawmakers are thinking of banning cryptocurrencies in the country, but at the time of publication, Congress hasn’t passed clear legislation. Amid this lack of regulatory clarity, crypto exchanges Kraken, Bitfinex, and KuCoin are also considering setting up a store in India.