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”COINS Act: Blueprint for Crypto Regulation in India”
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The recently proposed Coins Offering Innovative New Statutes (COINS) Act aims to address the regulatory challenges faced by India's burgeoning crypto community. This groundbreaking model law is designed to transform the country into a prime destination for cryptocurrency enthusiasts by establishing a clear regulatory framework for digital currencies and blockchain technology.
Vishal Achanta, founder of Hashed Emergent, highlights that the COINS Act seeks to promote innovation and growth while ensuring consumer protection and financial stability. By providing clarity on cryptocurrency regulation, the Act intends to build trust and confidence among investors, businesses, and stakeholders.
The COINS Act introduces key provisions, including a licensing system for crypto businesses, enhanced consumer protection measures, and the establishment of a regulatory body to oversee the industry. It also includes market surveillance to prevent manipulation and maintain integrity.
Successfully implemented, the COINS Act could stimulate innovation, attract investment, and position India as a global leader in the crypto sector. However, challenges such as stakeholder engagement and international cooperation must be addressed to realize its full potential.
The COINS Act offers a promising blueprint for India's crypto regulation, aiming to foster a thriving ecosystem that benefits the nation economically and technologically.
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