By Abhishek Malhotra and Bagmisikha Puhan, TMT Law Practice
The Finance Bill, 2022 (as tabled during the Union Budget discussion of 2022-2023) marked a watershed moment in India’s journey towards regulating cryptocurrencies and fostering digital innovation and growth in the country.
The idea for a decentralised autonomous organisation, where the rules are baked into its code with no management structure or board of directors, has emerged with the rise of blockchain technology
The Virtual Asset (Service Providers) Act, 2020 (VASP Act) as amended, provides a legislative framework for the conduct of virtual assets business in the Cayman Islands, and the registration and licensing of persons providing virtual asset services
Asian jurisdictions have been cautious in developing legal frameworks around virtual currencies, but the volatile market and relentless evolution of cryptos are pushing regulators to act
Governments across the region are being forced to clear the regulatory air on virtual currencies as they can no longer afford to ignore their popularity
Examining developments in cryptocurrency law around the region is like taking a litmus test to measure the flexibilty and depth of competency of these legal systems. Staying up to speed is crucial