India’s cryptocurrency industry draws up ‘legitimacy plan’

Mumbai: India’s nascent cryptocurrency industry will overhaul and standardise disclosure and compliance mechanisms in a bid to establish itself as a legitimate business in the eyes of legacy financial players.

The effort gathered pace after the Reserve Bank of India (RBI) made it clear banks should not apply its April 2018 circular—struck down by the Supreme Court in 2020—to penalise customers for dealing in cryptocurrencies.