REGULATION OF CRYPTOCURRENCY AS A DEVELOPING FINANCIAL ASSET
INTRODUCTION
Over time, technology has seen significant development and advancement. From using handwritten letters to text messages on cell phones. Additionally, the way they work, shop, and even pay for products and services are all important factors. Transactions have changed a lot over the years, from utilizing a barter system to a coin system in British India to paper money to now using cryptocurrency online. Nowadays, most people no longer favor cash. Contactless payments are made possible via apps like Paytm, Google Pay, Phone Pe, Apple Pay, and internet banking.[1]
Consumers may now pay for goods digitally with the wave of a smartphone, which is much safer than carrying cash around. This is made possible by the rapidly evolving technology. Now, an evolving new payment system is taking the world over, that is, Cryptocurrency.
The past ten years have seen a huge increase in the popularity of digital assets. Since the launch of Bitcoin, the first and best-known cryptocurrency, in 2009, the market for digital assets has expanded significantly. Since then, tens of thousands of cryptocurrencies have been developed, each with its own special characteristics and applications. Cryptocurrencies can be used as a store of wealth, a medium of exchange, or a form of speculative investment. There are innumerable cryptocurrencies available now, amassing a total market value of over $2 trillion.[2] Even celebrities and social media influencers have taken upon themselves to launch their own crypto-brands- releasing and promoting NFT and cryptocoins to make maximum utilization of this FinTech boom.[3]
Cryptocurrencies are becoming more and more popular, but their legal status is still up for debate and is unclear in many countries. While some nations have embraced cryptocurrencies, others have adopted a more cautious stance or have outright outlawed them. Cryptocurrencies have a very diverse legal standing around the world. Other nations, including Switzerland[4] and Japan,[5] have adopted a comparatively lenient stance towards cryptocurrencies, recognising them as legal cash and setting up procedures for their use. Initial coin offers (ICOs) are prohibited in several nations, including China and Russia[6], and cryptocurrency use is subject to usage restrictions.
Regulators from all over the world have recently shown an increased interest in creating a framework for regulating cryptocurrencies. In order to understand how to regulate cryptocurrencies as a new financial asset, this research paper will examine the regulatory environment that exists now and the difficulties that regulators confront when establishing sensible and adequate regulatory frameworks.
The dialogue will start out by giving a general review of the cryptocurrency market, covering its background and present situation. Then, it will look at the various studies of the difficulties regulators in each jurisdiction face, such as the ambiguity surrounding the categorization of cryptocurrencies and the complexity of regulating decentralized systems.
The possible advantages and disadvantages of cryptocurrency regulation will also be discussed in the study. On the one hand, regulation may assist to safeguard consumers and lower the danger of fraud. On the other hand, excessive regulation could hinder innovation and restrict market expansion.
We will wrap up by laying forth a series of guidelines that could direct the creation of an efficient and suitable regulatory framework for cryptocurrencies. This will include suggestions for regulators on how to strike a balance between the necessity of protecting consumers and the requirement of fostering innovation and market expansion.
The purpose of this research study is to add to the ongoing discussion regarding the regulation of cryptocurrencies as emerging financial assets. It will include proposals for the creation of efficient and suitable regulatory frameworks as well as insights into the current regulatory environment and the difficulties faced by regulators.
WHAT IS CRYPTOCURRENCY
A crypto currency is a type of virtual asset that is built mostly on a network that is distributed among many different computers. They are able to exist independent of the control of governments and other major authorities thanks to their decentralized structure. Anyone can send and receive payments with this peer-to-peer system from anywhere. Its payments are solely represented by a digital record describing a specific transaction in an online database.[7]They can be kept in a digital wallet. This payment system functions by using encryption to validate transactions. In order to store and send encrypted currency data between the wallet and the public ledger, advanced encryption is required. Security and protection are the goals of encryption.
Where do these cryptocurrencies come from?- the mining process[8]
The process of confirming transactions on a blockchain network and adding them to the open ledger is known as cryptocurrency mining. Miners are compensated with fresh bitcoin in return for validating transactions and protecting the network. Using specialized technology and software to solve complex mathematical problems is the process of mining cryptocurrencies. Transactions are checked to see if they adhere to the network’s consensus standards using these problems. A node on the network broadcasts a transaction to begin the mining process. Miners then gather and validate the transaction using specialized hardware and software. They compete with other miners to find an answer to the mathematical problem posed by the transaction.
A new bitcoin unit is awarded to the first miner who finds the solution, and the transaction is recorded on the blockchain. Proof-of-work is a technique used to guard against fraudulent transactions and maintain the network’s security and integrity.
Mining for cryptocurrencies can be done both individually and in groups called pools. Several miners can pool their processing power through mining pools to boost the likelihood that they will crack the equation and receive a payout. Overall, the generation and validation of new cryptocurrency units depend on the process of mining, which is also crucial to protecting and upholding the integrity of the blockchain network.
Types of crypto assets:[9]
Crypto assets are not limited to cryptocurrency but form part of a larger ecosystem of digital tokens. The following categories can be used to broadly classify the many forms of crypto assets:
Cryptocurrencies: They are digital or virtual currencies that utilize cryptography to safeguard transactions and regulate the generation of new units. For example- Bitcoin, Ethereum, Litecoin, Bitcoin Cash etc.
Utility Tokens. They are tokens that are issued for use within a particular ecosystem or platform. They offer accessibility to a good or service, such as decentralized applications or online markets. Utility tokens include EOS and Binance Coin, for instance.
Security tokens: They are tokens that reflect ownership in an asset, such as equity, debt, or real estate. They may provide investors rights like voting, profit-sharing, or dividend payments and are governed by securities legislation.
Non-Fungible Tokens (NFTs): They are exclusive digital assets held on a blockchain that cannot be modified or traded for another asset. They serve as a symbol of ownership over digital works of art, collectibles, or digital properties. NFTs include games like CryptoKitties and NBA Top Shot.
Stablecoins: They are digital currencies that are linked to a reliable asset, such a commodity or a fiat currency. They are intended to lessen price volatility and facilitate user transactions and value storage in digital currencies. Stablecoins like Tether, Dollar Coin, and Dai are a few examples.
Payment tokens: They are exchangeable tokens that function like traditional currencies.On a blockchain network, they can be used to make purchases, transfer money, or pay for fees. Ripple and Stellar Lumens are a couple of examples of payment tokens.
Ultimately, each type of crypto asset has distinct traits and applications, thus before choosing a particular type to invest in, investors should carefully assess their objectives and risk tolerance.
WHAT IS THE URGENT NEED FOR REGULATION[10]
For decades, the financial market has been regulated with the goal of guaranteeing stability and protecting investors. However, with the emergence of cryptocurrencies, a new kind of regulation has been necessitated to meet the particular issues presented by this new asset class.
Since cryptocurrencies are decentralized and operate outside of conventional financial systems, it is challenging for regulators to adequately monitor the market. Concerns over problems including fraud, money laundering, and market manipulation have arisen as a result of this. Concerns about the possibility of market instability and its effects on investors have also arisen as a result of the volatility of cryptocurrency prices.
As a result, regulators from all over the world are becoming more interested in creating a regulatory framework for cryptocurrencies. Due to this, rules governing cryptocurrencies have been developed with the intention of regulating and regulating the market. These regulations differ from jurisdiction to jurisdiction, with some nations being more proactive in their regulation than others.
In general, the introduction of regulations pertaining to cryptocurrencies illustrates the need for efficient regulation in this newly created and quickly expanding economy. Regulators can safeguard market stability, safeguard investors, and foster innovation and progress in the bitcoin business by offering monitoring and direction. We shall focus on the need for and possible ways that cryptocurrency can be regulated in the market in the following discussion points-
First and foremost, a regulatory framework is required to safeguard investors from unethical practices. Since cryptocurrencies are still a new asset class, many investors are unaware of the dangers and challenges present. This has given rise to a variety of frauds and scams, including false initial coin offerings and Ponzi schemes (ICOs). A regulatory framework can aid in ensuring the legitimacy and ethical behavior of businesses and people who provide investment products related to cryptocurrency.
Second, a regulatory framework is required to stop the financing of terrorism and money laundering. Without the use of middlemen like banks, cryptocurrency can be used to transfer value across borders. Because of their anonymity, cryptocurrencies have drawn the attention of criminals looking to finance terrorism or launder money. By putting in place safeguards like Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, a regulatory system can aid in the prevention of such actions.
Thirdly, market manipulation can be avoided with the aid of a regulatory framework. Because of the significant volatility of cryptocurrencies, major investors or groups of investors can easily manipulate their values. Price bubbles and crashes that hurt regular investors can result from this. By ensuring that trading methods are honest and transparent, a regulatory framework can aid in the prevention of market manipulation.
Fourthly, a regulatory framework can encourage development and expansion in the bitcoin market. Numerous business owners and organizations are developing cutting-edge blockchain applications, but their development has been hampered by the absence of clear regulations. A regulatory framework can give business owners and organizations a clear legal foundation, which can promote investment and innovation.
Finally, a regulatory framework may contribute to the integration of cryptocurrencies into the larger financial system. Many people still view cryptocurrencies as a specialist asset class, and it has taken them some time to fully integrate into the wider financial system. By establishing clear guidelines and standards that make it simpler for conventional financial institutions to invest in cryptocurrencies, a regulatory structure can aid in promoting the integration of cryptocurrencies.
The development of cryptocurrencies as a legitimate asset class will not be possible without the establishment of a regulatory framework. In addition to ensuring that cryptocurrencies are incorporated into the larger financial system, it may help protect investors from fraud, stop money laundering and terrorist financing, stop market manipulation, and foster innovation and growth. Every regulatory framework must be well-balanced and prevent the industry from expanding in a way which hurts investors, nevertheless. Finding the ideal balance between safeguarding investors and encouraging innovation is a problem for regulators who also need to make sure that the advantages of cryptocurrencies are fully realized.
The inadequacy of the current efforts towards crypto-market regulation:
There are still significant shortcomings in the efforts towards regulation, despite the rising interest from regulators throughout the world in creating a regulatory framework for cryptocurrencies.
Lack of consistency in regulatory approach: The disparity in the regulatory strategies used by various jurisdictions is one of the major obstacles to effectively regulating cryptocurrencies. While some nations have taken the initiative to create regulatory frameworks for cryptocurrencies, others have done so more cautiously or haven’t done it at all. Because of this inconsistency, market participants may become confused, and it may be challenging to establish a comprehensive worldwide regulatory framework.[11]
Regulating decentralized systems is challenging[12]: Since cryptocurrencies are decentralized and operate outside of conventional financial systems, it may be challenging for regulators to adequately monitor the market. It is unclear how to categorize cryptocurrencies, which makes it challenging for authorities to decide whether legal frameworks should be in place. Decentralized systems can also be challenging to oversee and regulate, which can make it difficult to spot and stop fraud.
Rapid advancement in technology: The cryptocurrency sector is characterized by a quick speed of technological advancement, with new ideas and products being developed constantly. Regulators may find it challenging to stay current and maintain the effectiveness of their regulatory systems as a result. To keep up with the industry and make sure that their regulatory frameworks continue to be applicable and effective, regulators must be able to quickly adapt to new technology and market developments.
Regulatory arbitrage risk: Companies that deal in cryptocurrencies may choose to do business in places with laxer regulations in order to exploit regulatory gaps, which could reduce the effectiveness of regulatory initiatives. Due to this, market participants may face an unequal playing field, and it may be challenging for regulators to enact and enforce restrictions.
Lack of clarity on tax consequences: Market players may feel uncertain due to the lack of clarity surrounding the fiscal implications of bitcoin transactions. There is frequent misunderstanding on how to disclose cryptocurrency transactions on tax returns, and it is not always obvious in many jurisdictions whether cryptocurrencies are treated as a currency or a commodity for tax purposes.[13]
Limited investor protection: Because cryptocurrency marketplaces are still mostly unregulated, investors are not well protected from fraud or other wrongdoing. Because there are no established guidelines for the custody and management of cryptocurrencies, it can be challenging for investors to understand how to protect their money. We have also seen an influx in the number of unregulated pitching and marketing by celebrities and influencers which have led to scams.[14]
Cross-border regulatory challenges[15]: Since cryptocurrencies represent a global asset class, international coordination of regulation is necessary. However, given the various regulatory stances that various nations take, this can be difficult. Conflicts between regulatory regimes may occasionally make things more unpredictable for market participants.
DEVELOPMENT IN THE REGULATORY FRAMEWORK IN INDIA
Bitcoin and cryptocurrency as a general area is fairly in the global market and particularly in India. The technology was created to ensure data security, anonymity and reduction in hacking and fraud. However, with the benefits that are associated with bitcoin, the cons must be discussed as well. As cryptocurrency is a developing area in technology as well as economy, the general public is not well acquainted with the ways it can be used to scam, fund terrorist activities and hack people’s finances. Governments across the world have taken measures by introducing legal safeguards regulating and even restricting the trade of crypto-assets.
Brief background in the legal position[16]
Bitcoin and crypto-assets have not been explicitly banned in India. Their trade is still authorized; however, they have not been granted status as legal tender. Under Indian laws, we can analyze bitcoin under the following acts and regulations-
i. Coinage Act, 2011– Section 2 (a) of the coinage act discusses the validity of a “coin” in India. Considering how bitcoins lack legal sanction and do not have the backing of a governmental authority behind it, it cannot fall under the definition of a coin under the Coinage Act, 2011.
ii. Foreign Exchange Management Act (FEMA), 1999– Section 2 (m), 2 (h) and 2 (q) which deal with foreign currency, currency and Indian currency when read in reference to the definition of bitcoin, makes it explicitly clear that virtual currency is not covered under the FEMA Act and cannot be considered legal currency.
iii. Sales of Goods Act, 1930- As per the definition of goods under section 2(7) of the act, bitcoin may come under its purview but in cases where bitcoin is used as consideration, the provisions of the act may not apply as consideration can only be in the form of price and not kind as per section 2(10) of the act.
iv. Income Tax Act, 1961– As per section 2(14) of the act, crypto assets may be considered as capital goods (income from capital assets)
As per section 2(47A) of the Income Tax Act, 1961, all digital assets transacted on a blockchain except Indian and Foreign currency will be classified as Virtual Digital Assets and be treated the same.
The market remains mostly unregulated with a lack of regulations and acts which govern the VDA transactions. Even with a set definition of Virtual Digital Assets, the lacunae in the law which governs its economic and legal implications gives birth to a dangerous and unfettered area of operation.
Legal development over the past decade
Cryptocurrency has always been seen through the lens of suspicion by government authorities. Cautionary press releases by the Reserve Bank of India dated 24th December, 2013 bearing reference number 2013-2014/1261[17], 1st February 2017 bearing reference number 2016-17/2054[18] and 5th December 2017 bearing reference number 2017-18/1530[19] were published warning users of the risks associated with trading in cryptocurrency and that the RBI had not granted any authority/license to any entity operating in schemes in relation to bitcoin. The press releases focused on warning the general public against the potential financial, legal, security and operational risks associated with trading in this new form of assets.
With the successive warnings against trading and dealing, the Reserve Bank of India finally paced a complete prohibition and ban on trading in crypto assets including bitcoin through a notification dated 6th April, 2018 bearing reference number RBI/2017-18/154[20]. All services relating to registering, trading, settling, clearing, giving loans against virtual tokens etc were prohibited.
The ban however, was lifted in 2020 by the Hon’ble Supreme court in the case of Internet and Mobile Association on India v. Reserve Bank in India (MANU/SC/0264/2020)[21]. The case was filed by the petitioners in response to the 2018 circular by the RBI regarding prohibition on trade in crypto assets. The petitioners claimed that RBI had no jurisdiction to release said notification as cryptocurrency and bitcoins are a medium of exchange and method of transaction data encryption. The apex court held that since RBI was unable to show for any real and actual damage suffered by any entity under it due to virtual currencies, the ban was unenforceable.
Current legal status and latest developments
Currently, India does not recognize bitcoin or any virtual digital assets as legal tender but they are not unlawful. Their trade is not prohibited and instead, the government has shifted its focus towards the development of rules and regulation (with special focus on advertisements and marketing)[22] regarding trade in VDAs, mitigating the risks associated with the unregulated crypto-market.
The future of cryptocurrency regulation in India is still up in the air because of the Indian government’s cautious attitude in doing so. The Cryptocurrency and Regulation of Official Digital Currency Bill, which the Indian government proposed at the beginning of 2021, aims to outlaw all private cryptocurrencies in India and establish a framework for a digital rupee issued by the Reserve Bank of India.
Many critics claim that the proposed bill would hurt India’s developing cryptocurrency industry and restrict innovation. This has caused an immense amount of controversy. The government, however, contends that the prohibition is required to safeguard consumers and stop money laundering and other criminal activity.[23]
Profits from crypto assets or as they are known in India, Virtual digital assets are taxable as profit earned from capital assets at a rate of 30%. Virtual digital assets have been defined under section 2(47A) of the Income Tax Act, 1961 and the taxability of profits from their trading has been discussed under section 115BBH of the act which lays down provisions barring the setting off of losses in VDAs and deductions except the cost of acquisition.
Gift of VDAs amounting to above 50,000 (fifty thousand rupees) is taxable in the hands of the receiver according to section 56(2)(x) of the Income Tax Act, 1961.
Despite the prohibition that has been suggested, other experts think that India will ultimately regulate cryptocurrencies in a more nuanced way because the technology has the potential to spur innovation and economic progress. There have been some suggestions that the government develop a licensing structure for cryptocurrency exchanges and other enterprises, similar to what has been done in certain other nations.
There will probably be on-going discussions and disputes about the best regulatory framework for this quickly developing technology. However, it is obvious that the government would need to create a thorough and effective regulatory framework to address the dangers and opportunities posed by this developing asset class in light of the growing interest in cryptocurrencies among Indian investors and enterprises.
CONCLUSION
As an expanding financial asset, cryptocurrency regulation poses substantial difficulties for policymakers, investors, and companies alike. Cryptocurrency marketplaces have unique dangers and challenges that demand careful attention from regulators and market players, even while they also present exciting prospects for innovation and growth. The inadequacy of present regulatory efforts and the technology’s rapid technological evolution make it evident that a comprehensive and robust regulatory framework is urgently required to protect the security and stability of cryptocurrency marketplaces.
Despite the difficulties, there are still prospects for cooperation and innovation in cryptocurrency regulation. Together, regulators, investors, and companies can create a framework for regulation that fosters innovation while simultaneously protecting consumers and thwarting criminal activity. In this approach, the regulation of cryptocurrencies can contribute significantly to the advancement of the economy and the preservation of the integrity of the financial system.
Looking ahead, it is certain that cryptocurrency regulation will remain a crucial concern for financial markets all over the world. It will be crucial for regulators to stay alert and aggressive in creating a comprehensive and effective regulatory framework as technology continues to advance and new concerns arise. This will necessitate continuing coordination and communication between regulators, investors, and entrepreneurs, as well as a dedication to striking a balance between innovation and the requirement for financial system stability and security.
The proposed prohibition on private cryptocurrencies in India has sparked a great deal of discussion and controversy, underlining the difficulties in controlling cryptocurrencies in a fast changing global economy. While the future of cryptocurrency regulation in India is still up in the air, it is evident that both Indian businesses and investors have a growing interest in and need for this new asset class. India has the capacity to take advantage of the opportunities offered by cryptocurrency markets while also addressing the risks and difficulties they provide by creating a thorough and effective regulatory framework.
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