The Indian crypto regulations are yet to be finalized, but sources familiar with the matter suggested that the top regulatory body in the country may classify it as an asset class, reported The Economic Times. The news comes just a day after El Salvador, a small Central American nation passed a bill to make Bitcoin a legal tender.
If sources are to be believed, the Indian crypto ecosystem could see an end to their 3-4 year-long struggle to convince the government on why regulating the crypto space would be much more beneficial than outright banning it. The finance ministry has also changed its tune in the recent past as Bitcoin adoption along with its price rose new all-time-highs.
The Indian crypto ecosystem is one of the fastest-growing especially during the bull run as several crypto exchanges in the country registered a multi-fold increase in new user registration and trading volume. Thus the early hostile stance of the government would have not just killed a budding ecosystem, b
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