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This article is written by Achal Dhanpal Gedam of 7th Semester of Manikchand Pahade Law College, Chhatrapati Sambhaji Nagar (Aurangabad), Maharashtra, an intern under Legal Vidhiya

Abstract

The rise of cryptocurrencies has sparked controversy across the globe, and India is no exception. As the stakes and potential risks have increased, the rules have become increasingly clear. India’s cryptocurrency landscape is an interesting case study in regulatory change. Unlike some of the countries that have been blocked with clear frameworks, India has opportunities. India didn’t endorse cryptocurrency, but didn’t rule it out either. As debate continues and policy evolves, this “wait and see” approach continues to change. It has caught the imagination of many people and businesses. Basically, cryptocurrency is a digital means of exchange. But unlike traditional fiat currencies issued by central banks like the RBI, it works on a decentralized blockchain system. This article will help you understand the cryptocurrency laws in India.

Keywords

Block, Mining, Transparency, Immutability, Authentication, Data protection, Smart contracts, Decentralized finance, Record information, Trust, Consensus.

Introduction

Cryptocurrency and blockchain technology are arguably the most advanced technologies of this century. These concepts possess tremendous potential across multiple sectors including, but not limited to, economics, healthcare and supply chain management. This article specifically talks about the fundamental definition of cryptocurrency and blockchain, characteristic, contribution, legal framework and most importantly potential risk and reward. [1]

India has not however sanctioned particular laws to direct virtual monetary forms (“VC”). In any case, a few laws such as the Companies Act, 2013 ordered the detailing of Virtual Advanced Resources (“VDA”) in an endeavour to reflect the modern flow in the monetary scene. It moreover extended the scope of the Avoidance of Cash Washing Act, 2002 (“PMLA”) by counting exchanges related to VDAs, counting different exchanges, exchanges and exchanges related to VDAs, and cover the consideration in, and directions that give monetary administrations. related to the publisher’s offer and buy of VDA. In expansion, Indian assess laws have experienced noteworthy changes to incorporate tax collection of VDAs, in this way recognizing the money related suggestions of the developing VC market.

In India, VDAs are legitimately ordered, giving the industry more control. Authorization activities beneath existing assess laws have been started, and anti-money washing (“AML”) laws have been extended to include the burgeoning Web3/VDA industry. The concerted exertion of money related and administrative specialists around the world mirrors the advancing noteworthiness and acknowledgment of the VDA industry. To get it the current state of the Indian Government, we have to see at all the work it has done in its Services, Divisions and Officers.

What is Cryptocurrency?

Cryptocurrency is a digital coin or currency and uses encryption for security therefore controlling the creation of the double currency unit. It does not have any authoritative body like government or central bank. Bitcoin is the first eve cryptocurrency and was invented in 2009 by Satoshi Nakamoto.[2]

What is Blockchain?

Blockchain is more thana just technology. The decentralized nature of the blockchain makes it possible to view existing structure, which are often based on central databases, in a different light. Blockchain is a type of distributed ledger technology that securely and transparently record transaction. It is made up of a series of blocks, each containing transaction records. Once a block is added to the chain, it cannot be changed, which guarantees its immutability. This is evidenced by the rise of bitcoin and other cryptocurrencies; in a relatively brief period, a financial system worth hundreds of millions of dollars created without the involvement of any bank of

government. It is a system that is difficult to grasp within our current legal frameworks, which is exactly why it is interesting from legal perspective.[3] 

Application: There are various users enabled by blockchain software. These includes tokenization to secure sensitive data; timestamping because of blockchain’s stability; serving as a payment means that permits the transmit of assets and liabilities; and, as discussed below, facilitating smart contracts to create legal contracts. Blockchain has been used either to make existing processes more efficient, faster or cheaper, or to create new methods or services previously not possible. However, blockchain use is being adopted across a range of industries, including: aviation, transport, oil and gas.

Permissioned vs Permissionless

There are two types of blockchain: permissionless (in which anyone can participate) and permissioned (in which a participant must be approved in order to participate).

Permissionless blockchains are public; participants have ID numbers, and so can handle fictitiously, without identification or verification.

Permissioned blockchains are private and secured by access control and (potentially) different reading and writing privileges. Participants are known, identified and authenticated and the network may be controlled by a super-user. Authentication and identification use highly secure cryptography.[4]

How Cryptocurrency Works

1. Blockchain Technology:

  • Distributed Ledger:  Cryptographic currencies are created on a foundation of blockchain which is a decentralized maritime accounting system. This means that transactions are stored across multiple nodes (computers) instead of being kept in one single server.
  • Blocks: The blocks are the ones that make up a blockchain, each block contain transaction detail.
  • Immutability: In the addition of a block in the blockchain, it shall never be changed which assures the members of the system privacy and safety and ensures the system’s security and transparency.

2. Cryptography:

  • Public and Private Keys:  All the users of a cryptocurrency have to possess whom they call public keys and private keys against which transactions are made. The public key acts as a digital address which is usually distributed to other people but does not perform active transaction. The private key who is a spender of the currency owns it as a password, which is the only key controlling the access and use of the virtual currencies.             
  • Encryption: The transactions are covered by special algorithms in a way that they cannot be seen and confirmed by any non-privileged entities.

3. Mining:

  • Consensus Mechanism: This is also the reason cryptocurrencies create new           block of transaction or validate the previous one through a consensus mechanism used is proof-of-work (POW).
  • Defence Against Malleability: For asset of transaction to be included in the ledger, the miners have to use an efficient hash algorithm to create a nonce. The first miner to do this successfully will get a reward in the form of coins generated out of thin air. This is called minting.

4. Transaction:

  • Process of Sending and Receiving: When you want to send cryptocurrency, you need to input the public key of the intended receiver and the amount you want to send. Then, the transaction takes place and it is relayed over the network.
  • Validation: A miner will check the transaction to confirm its legitimacy and ascertain if the user has enough balance.
  • Inserting the Transaction in the Block: After it is authenticated, the transaction is placed in a fresh block and then added into the block chain.

5. Decentralization:

  • No Central Authority: There is no body can control cryptocurrencies hence they are able to resist censorship and manipulation.

Materials and Methods

Trendy processes characterized by variable dispersion are typical of the unstable and fast-growing concept of cryptocurrencies. One of the issues with model structure determination is whether to incorporate non-linearities of the investigation process and what is the type of non- linearities. The dynamics of cryptocurrency is intrinsically nonlinear. There are many ways to pose the prediction problem, but will likely affect at least the following directional components in the process: deterministic trends, random trends, short-term changes, seasonal influence, rates of process change, dispersion, or standard deviation as a measure of process dispersion. Once the components of the process to be predicted have been established, the question of mathematical model construction arise. [5]

Regulatory Landscape of Blockchain Technology in India

India has yet to formulate a specific body of laws to govern blockchain, the Indian framework regarding the subject derives most of its components from such acts as:

  • Indian Contract Act, 1872:

Smart Contracts: If smart contracts are indeed, to be treated as legally enforceable agreements, the act may apply to them. The enforceability of smart contracts in India, however, is yet a matter of legal contention as they work on a decentralized network and almost certainly are self-executing.

Contractual Terms: The Act provides for the interpretation and enforcement of the terms related to the contractual agreement which can, directly or indirectly, relate to blockchain-based transaction.

  • Indian Penal Code, 1860:

Fraud and Cybercrime: The code has different offences considered here pertaining to cheating and fraud and whoever has to avail themselves of them can always in case of fraud, cheating in blockchain or cryptocurrency activities.

  • Foreign Exchange Management Act, 1999:

Cross-Border Transactions: The Act applies generally to the transactions involving foreign exchange and become relevant in cases of blockchain-based transactions facilitating cross-border value transfers.

  • Information Technology Act, 2000: Cybersecurity: The aspects of cybercrime, data protection, and cybersecurity has an interface with blockchain.
  • Reserve Bank of India (RBI) Regulations:

Cryptocurrency Ban: Theban imposed by the RBI against cryptocurrencies has been overturned by the Supreme Court of India. Therefore, banks are now free to engage with entities working in cryptocurrencies.

Payment systems: The Reserve Bank of India regulates payment systems which may bae relatable to case in blockchain-based payment systems.

  • Securities and Exchange Board of India (SEBI) Regulations:

Capital Markets: In this regard, SEBI regulates the capital market, which is important when granting securities based on blockchain.

  • Ministry of Electronics and Information Technology (MeitY) Guidelines:

Digital Economy: The guidelines issued by MeitY are those regarding the digital economy, which includes useful inputs for the development of blockchain technology.

Major Challenges and Considerations

  • Regulatory Overlap: Heights of inconsistency and confusion arise, arising from overlaps in the regulatory frameworks promulgated by deceivingly referring to individual agencies.
  • Evolving Technology: It’s constantly evolving, thus prohibitively difficult for them to keep pace with new developments regarding blockchain technology.
  • International Standard: India generally will most likely consider international standards and best practices for regulating blockchain technology.
  • Self-Regulating: The industry is capable to address most regulatory challenges by attempting to self-regulate through initiatives like the Blockchain Association of India.

Ongoing Developments

Regulatory Framework: The Indian government is contemplating providing that the regulatory framework for handling blockchain technology shall be based on the specific needs of this new and emerging technology.

International Cooperation: Exchanges are cooperating in developing agreements and draft model laws for blockchain regulation.

Potential Application of Blockchain on Cryptocurrency

  1. Finance:  Cryptocurrencies can facilitate peer-to-peer payments, remittances, and investments. Blockchain can enhance financial processes and lower transaction costs.
  2. Supply Chain Management: Blockchain can monitor the movement of goods and materials throughout the supply chain, boosting transparency and efficiency.
  3. Healthcare: Blockchain can support Peer-to-peer energy trading and improve energy consumption.[6]

The Role of Blockchain in Cryptocurrency

The advent of blockchain technology has shaped cryptocurrencies into decentralized, open-source, and transparent tokens. They are a secure and non-reversible way to generate, record, and exchange digital information online. Here’s how blockchain influenced the domain of cryptocurrencies:[7]

Security: It provides Cryptographic hash function, each block in the blockchain consist of a cryptographic hash function from the preceding network block, which in particular generates an unchangeable record. It also provides consensus mechanism for approval such as proof-of-work (PoW) or proof of stake for transaction and to form new block as an essential feature of blockchain networks. The aim is to keep the system safe and reliable.

Transparency: All transactions are recorded on a ledger, allowing anyone to view them, which promotes transparency and accountability. Each transaction is confirmed by a network of computers (nodes). This consensus mechanism guarantees that only legitimate transactions are added to the blockchain. By enabling user to review the public record on the blockchain, it gives them the precious ability to confirm the accuracy of the information.

Efficiency: Blockchain can facilitate smart contracts, which are self-executing agreements with terms written directly into code. By cutting out intermediaries, blockchain can lower the transaction costs compared to conventional financial system. Reading and understanding the terms of a contract were carried out without human intervention.

Trust: Blockchain establishes a trust less environment where transaction can take place without relying on intermediaries or trusted third parties.

Decentralization:  In the world of blockchain, there is no need for a central authority such as a bank that act as an intermediary. Networks do not depend on any single person or entity, which significantly decreases the possibility of censorship and manipulation. It also provides direct peer-to-peer business, those in the ecosystem can perform transactions directly with one another without having to go through traditional financial institution. This result in lower transaction fees and quicker transaction times.

Immutability: It means that if a data has been put in the block, there is no way to alter previous records or transactions, once recorded. It can include information related to the transfer of assets

Global Reach: Blockchain technology allows for the establishment of global financial systems accessible to everyone with an internet connection. This can help promote financial inclusion and reduce any barriers that stand in the way of individuals and businesses. Cryptocurrency, in essence, is based on blockchain technology, allowing it to work as decentralized, trusted, and democratic digital trading assets. Because it eliminates the need for third parties, where actions and records are performed transparently and unchangeably, therefore blockchain technology is among the imminent innovations to excite finance and commerce.[8]

Crypto Regulation in Other Countries

 In 2024, Singapore will continue to solidify its position as a mecca for cryptocurrency conditioning, navigating the evolving geography through robust nonsupervisory fabrics. With its progressive yet balanced approach to cryptocurrency regulations in Singapore, the nation is arising as a guiding voice in the arising world of cryptocurrency. While its progressive station attracts businesses and investors, understanding the complications of its crypto regulations in Singapore can be gruelling.[9]

Singapore Crypto Regulations

Singapore recognized as a worldwide monetary hub, has set up a vigorous administrative system to oversee the ever-evolving scene of cryptocurrencies. Singapore positioned 9th among the world’s most crypto-friendly nations. Let us dive into a few of the most impactful crypto controls in Singapore:

1: Payment Administrations Act (PSA):

The PSA is the foundation of crypto directions in Singapore, particularly planned to oversee the domain of advanced payment tokens (DPTs). It orders licenses for a range of exercises, counting the operation of trades, buying and offering of DPTs, and giving wallets. Notably, the PSA presents a nuanced approach with two particular permit sorts: standard and major. The categorization is based on exchange volume, guaranteeing a custom-made administrative approach. Additionally, the PSA gives exclusions for limited-purpose DPTs, enveloping non-monetary dependability focuses and in-game things, recognizing the differences inside the crypto landscape.

2: Securities and Prospects Act (SFA)

In couple with the PSA, the Securities and Prospects Act (SFA) accept a vital part in directing particular advanced payment tokens (DPTs) in Singapore. It comes into play when DPTs show highlights associated to capital advertise items such as securities or subsidiaries. The SFA commands licenses for exercises including the managing, advertising, or endorsing of these DPTs. This underscores Singapore’s commitment to adjusting cryptocurrency controls with built up monetary showcase standards, guaranteeing that substances included in crypto exercises with characteristics taking after customary monetary disobedient follow to the administrative measures set forward by the SFA.

3: Product Exchanging Act

Expanding the Singapore crypto control umbrella, the Product Exchanging Act takes center arrange when managing with asset-backed DPTs in Singapore. Specifically, it applies to exchanging exercises including DPTs supported by resources, treating them as spot commodities. Substances locks in in such exchanging exercises are committed to get licenses to carry out these operations. This illustrates Singapore’s proactive approach to controlling the differing shapes of cryptocurrencies, guaranteeing that indeed asset-backed tokens are subject to the fitting administrative examination and oversight beneath the Product Exchanging Act.

UK Crypto Law

The Authority (FCA) is the UK’s main regulatory authority for crypto assets. Its main role is to ensure that crypto service providers implement anti-money laundering and countering the money laundering (AML/CTF) measures. In addition, the FCA maintains a register of these providers and publishes regulatory guidance. The other main crypto regulators in the UK are HM Treasury and the Bank of England.

Key Regulations

Key Regulations outline AML requirements and regulations registration for crypto companies in the UK. Money laundering is terrorism. Finance and lending (payer information) rules 2017 (MLR). It has been revised several times since its inception, updated to implement the EU AMLD5 in 2019 and the Travel Act in 2022. The Markets Act 2000 (FSMA), the Regulated Activities Order 2001 (RAO) and the Electronic Money Regulations 2011 (EMRs). The new UK government is ordering crypto companies to disclose business risks with proper advertising.

  • From January,2024 users must show their information about the investor and answer the questions​​​​​​​​​​​​​​​​ This ad classifies users as high or low-cost investors based on certain criteria.
  •  Failure to comply with the rules will prevent users from trading and encryption.
  • The rules are based on the Financial Services and Markets Act, which applies to the rules that apply to traditional financial services to crypto companies.
  • Crypto companies must be licensed or registered with the Financial Conduct Authority to properly advertise crypto assets.

Crypto Law in India

Unlike other countries that have clear attitudes towards digital currencies, India is in a grey area that is not clear to many. Digital currencies like Bitcoin, Ethereum and other currencies are not recognized as legal tender in India. However, trading and investing in digital currencies is not illegal. The Indian government has imposed a 30% crypto tax on income from the transfer of digital assets and a 1% TDS on transactions above INR 50,000 per year.[10]

As of October 26, 2023, the legal status of digital currencies in India is uncertain and subject to change. Digital currencies do not have a specific legal classification and are not recognized as legal tender in the country. Basically, although people can trade and hold crypto assets, they cannot be used for purchases or daily activities. The existence of a proposed Bill, Digital Currency and Regulations in the Official Digital Currency Act, 2021 will disrupt the current environment. A proposed bill to ban private cryptocurrencies hangs in the balance, adding to this uncertainty. The passage of this bill will seriously affect the future of digital currencies in India, putting everyone at risk. The bill, if passed, could completely eliminate independent cryptocurrencies, adding significant uncertainty to the market’s future.

Despite the lack of a clear legal mandate, India’s crypto landscape is buzzing with activity, with local exchanges, blockchain startups and activists eager to get involved. However, due to the nature of crypto markets and the potential for security breaches and fraud, it is important to approach this area with caution. RBI’s cautious stance, with initiatives like the Web3 Sandbox in Telangana, is giving a hint of inclusion. This unusual approach reflects the internal conflict between embracing innovation and minimizing risks. It is highly recommended to seek professional financial advice before engaging in crypto-related activities.

Challenges of Cryptocurrency Adoption in India

Cryptocurrency, the computerized wilderness of back, holds monstrous guarantee but is not without its challenges. As we investigate the way from direction to broad acknowledgment in the Indian advertise, a few challenges linger huge, requesting our consideration and caution. As India navigates the landscape of cryptocurrency appropriation, understanding and relieving these dangers is basic. Exploring the advanced scene requests educated choices and a careful approach to defending your monetary interests.

1: Security Threats

In the domain of cryptocurrency, security is foremost. Programmers prowl, prepared to loot your important virtual coins or create fake ones, taking off you with nothing but lament. Caution is exhorted; control clear of untrustworthy websites that may jeopardize your computerized wealth.

2: Crash Risk

The boundless printing of virtual money may sound alluring, but it carries dangers associated to those of real-world economies. Unchecked issuance can trigger swelling and indeed lead to a collapse. Sometime recently contributing in lesser-known coins, it’s astute to weigh the potential pitfalls against the charm of speedy gains.

3: Genuine Cash Impact

The rise of cryptocurrency utilization for regular exchanges raises a fragile address: how does it affect conventional money related frameworks? Striking a adjust between the virtual and genuine economies gets to be basic to guarantee the steadiness of both budgetary realms.

4: Gold Farming

Beware of the charm of gold cultivating, a hone where players hoard virtual cash in recreations and offer it for genuine cash. This unregulated prepare presents extortion dangers, encouraging caution when considering the buy of virtual things with your hard-earned cash.

5: Unsteady Value

In the unstable world of virtual communities, the esteem of their monetary standards mirrors their ubiquity. A misfortune in client intrigued deciphers to debasement. Broadening gets to be a judicious procedure; maintain a strategic distance from putting all your budgetary trusts in one blurring virtual basket.

6: Cash Laundering

Cryptocurrency, with its pseudo-anonymous nature, can be a play area for offenders. Stages encouraging virtual-to-real cash trades increase the chance of cash washing. Picking for legitimate stages is key to defending your computerized assets.

7: Obscure Identities

Fake accounts include a layer of complexity to cryptocurrency exchanges. The need of verification makes following unlawful exercises challenging. Work out caution and conduct due constancy when locks in in online trades.

8.: Dark Market

The development of gaming stages has given rise to dark markets for virtual cash exchanging. Adhere to secure and legitimate stages to maintain a strategic distance from the dangers related with shady exchanges in these shadowy corners.

Supreme Court Judgment on Cryptocurrency

The Supreme Court judgement on cryptocurrency in 2018, during the judgement on RBI VS MOBILE ASSOCIATION[11], the Supreme Court struck down the circular of RBI. The Judgment stated that the Reserve Bank of India’ restriction on cryptocurrency trading was unconstitutional in the view of the legality of trading as laid down by law. Under these circumstances, as noted by the Supreme Court, the court has planned to bar the trading of virtual cryptocurrency such as Bitcoin. The Supreme Court deficiencies on cryptocurrency discussed several reasons. The Supreme Court ruling on cryptocurrency has been correctly scheduled with the purpose of protecting the citizens’ right to trade in India. While cryptocurrency is generally accepted as legal in India, it is, however, a double-edged sword, with both beneficial and pernicious effects. Very importantly, it should also be stated that the court did mention that if, at any time in the future, the parliament passes any law regarding it, such a ban will actually come into the operation. Furthermore, the Supreme Court, cited that the RBI did not have the essential data regarding cryptocurrency that might enable them to impose a ban. Since the associate data was not proving detrimental to the economy, the apex court did not find it appropriate to heed any instructions put forth by the RBI. The Supreme Court ruling on cryptocurrencies denotes that virtual currency and bitcoin were legal for commerce under the law. The Supreme Court on May 31, requested banks not to cite orders made in 2018 as an excuse to deny services for customers involved in cryptocurrencies. They also maintained that the Supreme Couet of India had overruled their circular guidance. Therefore, it is no more permissible for bank to justify their restriction by invoking that circular.

Development Needed in the Current Legislature to Regulate Crypto

The current laws regulating cryptocurrencies in India bear to be made in a numerous ways including Specific laws recently, there is no specific law in India for Digital Currency.

  • The government has surveyed being courses of action to join motorized capitalist related measures, but more authorization is needed.
  • Regulatory Master: The government should establish a nonsupervisory programme to regulate progressed currencies.
  • Valid motorized cash: The government must give a significant motorized currency. 
  • Ban private motorized financial guidelines
  • The government need to change private motorized currencies. 
  • Promotion of blockchain development: The government ought to develop the blockchain technology for the regulation of Digital Currency. 
  • Prevention of use in illegal factory out.
  • The government need to limit the use of motorized capitalist related marks to back unlawful factory out or in the time payment plan. 
  • Establishment of an Admonitory Committee: The Government ought to make up an comforting commission to work with cohorts, tallying businesses. 

Legalising Cryptocurrency can secure fiscal masters, anticipate unlawful works out, and develop exhibition intrigued. In any case, it’s especially introductory to strike the right alter, since strict captions can maintain a strategic distance from inventive inventions.

Conclusion

India’s cryptocurrency landscape provides a fascinating case study not only for its domestic difficulties, but also for its broader implications for the international legal landscape. It covers the challenges and opportunities associated with new technologies, and highlights the need for clear and responsible regulation in the future. In conclusion blockchain technology plays an important role in the development and success of cryptocurrency. By providing security, transparency, decentralization, and other benefits, blockchain enables cryptocurrencies to function as a reliable and innovative alternative to traditional financial system

In India, cryptocurrencies are gaining popularity, but there are challenges such as unclear regulations and security issues. While there is an opportunity for easy economic opportunity and investment, India needs to make clearlaws, educate people and improve technology. The government is exploring Web 3 and Blockchain for innovation. Balancing innovation with proper regulation is key to the safe and successful use of digital currencies in India.

References

  1. Satoshi Nakamoto. “Bitcoin: A peer-to-peer electronic cash system”. 2009
  2. Premkumar Chithaluru, Kulvinder Singh, Manish Kumar Sharma. “Cryptocurrency and Blockchain: information security and optimization”. 2021
  3. Supreme Court judgement, “RBI vs Mobile Association or Crypto vs RBI.”  2018 https://unacademy.com/content/upsc/study-material/banking-and-finance/supreme-court-judgement-on-cryptocurrency/
  4. Deloitte. Legal “Blockchain: Legal implications, questions, opportunities and risks”. September 2022.
  5. Jeroen Naves, Benedetta Audia, Marjolein Busstra, Koen Lukas Hartog, Yoshiyuki Yamamoto, Olivier Rikken, Sandra Van Heukelom-Verhagr, Article in “Innovation Technology Governance Globalization: Legal Aspects of Blockchain” 2019.
  6. Frederique Biennier. ERASMUS + chaise project- Module 2: Regulation, Legal aspects and Governance of Blockchain System Lecture 4: Blockchain regulation. 2022
  7. Jocelyn Fernadnes, News on “Moneycontrol: Cryptocurrency Regulation: Here’s what countries around the world have done.”  accessed on 25 Nov 2021 https://www.moneycontrol.com/news/business/cryptocurrency/cryptocurrency-regulation-heres-what-countries-around-the-world-have-done-7760921.html
  8. Kychub.com, blog “Cryptocurrency Regulation in India- A guide for 2024” https://www.kychub.com/blog/cryptocurrency-regulations-in-india/

[1] Satoshi Nakamoto. “Bitcoin: A peer-to-peer electronic cash system”. 2009

[2] Ibid

[3] Premkumar Chithaluru, Kulvinder Singh, Manish Kumar Sharma. “Cryptocurrency and Blockchain: information security and optimization”. 2021.

[4] Deloitte. Legal “Blockchain: Legal implications, questions, opportunities and risks”. September 2022.

[5] Ibid

[6] Frederique Biennier. ERASMUS + chaise project- Module 2: Regulation, Legal aspects and Governance of Blockchain System Lecture 4: Blockchain regulation. 2022

[7] Jeroen Naves, Benedetta Audia, Marjolein Busstra, Koen Lukas Hartog, Yoshiyuki Yamamoto, Olivier Rikken, Sandra Van Heukelom-Verhagr, Article in “Innovation Technology Governance Globalization: Legal Aspects of Blockchain” 2019.

[8] Jeroen Naves, Benedetta Audia, Marjolein Busstra, Koen Lukas Hartog, Yoshiyuki Yamamoto, Olivier Rikken, Sandra Van Heukelom-Verhagr, Article in “Innovation Technology Governance Globalization: Legal Aspects of Blockchain” 2019.

[9] Jocelyn Fernadnes, News on “Moneycontrol: Cryptocurrency Regulation: Here’s what countries around the world have done.”  accessed on 25 Nov 2021

[10] Kychub.com, blog “Cryptocurrency Regulation in India- A guide for 2024

[11] Supreme Court judgment, “RBI vs Mobile Association or Crypto vs RBI.”  2018

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