As a researcher with a background in financial technology and a strong interest in the crypto market, I am excited about India’s stance on responsible regulation of virtual digital assets (VDAs) and Web3. India’s potential in this sector is vast, considering its large number of startups and developers in the ecosystem.
India finds itself at a pivotal point in the international crypto market, striving for a delicate balance between fostering progress and ensuring security. Taking cues from other nations, India is concentrating on devising regulations for virtual digital assets (VDAs). Adopting a ‘HODL’ approach could be beneficial, with a focus on responsible regulation to stimulate growth and innovation within this sector.
India’s vibrant Virtual Data Applications (VDA) and Web3 sector hold great promise. Given global trends, it is crucial for India to capitalize on this opportunity. As per the “India Web3 Landscape 2023” report by Hashed Emergent and associates, India boasts over a thousand startups and a 12% share of global Web3 developers, positioning it as a significant player in the international scene.
At the recent G20 Summit, India took a leading role by promoting the establishment of global guidelines for crypto assets. The country is championing collective action to tackle the global dimensions of these digital currencies and manage their wider financial consequences.
The European Union is preparing to enact the Markets in Crypto-assets (MiCA) legislation, which is expected to take effect later this year.
The Dubai International Financial Centre (DIFC), a renowned global financial hub based in Dubai, has recently adopted the world’s first law regulating digital assets. As the foremost financial center in the Middle East, Africa, and South Asia (MEASA) region, this groundbreaking step underscores DIFC’s dedication to fostering a progressive digital finance landscape.
Currently, the British administration is creating ripples by aiming to take the helm in Web3 technology on a global scale. They intend to govern crypto assets via legislative channels by the year 2024.
In early 2024, the US Securities and Exchange Commission (SEC) approved the creation of 11 Bitcoin-linked Exchange-Traded Funds (ETFs). This decision simplified investors’ access to Bitcoin via regulated financial markets.
After the latest announcement, I witnessed Bitcoin breaking through the $70,000 threshold for the very first time. This significant milestone underscores an increased level of excitement and faith among investors in the potential of this digital currency.
As an analyst, I would rephrase it this way: My analysis reveals that this move offers investors a comfortable and controlled avenue for investing in Bitcoin, while underscoring the increasing convergence of digital assets with traditional financial systems.
Read More
Sorry. No data so far.
2024-05-04 16:04