It's the latest twist in India's often-shifting stance towards fast-growing crypto markets.
The Indian government may soon adopt a more committed tone to bitcoin (BTC), deviating from its initial plan to impose a complete ban on private cryptocurrencies.
Industry sources told The New Indian Express that the government may classify bitcoin as an asset class, adding that the Securities and Exchange Board of India (SEBI) will regulate the cryptocurrency sector.
A source told the Indian publication that the Cryptocurrency Regulation Bill could be introduced during the monsoon session of Parliament that begins next month.
Major crypto exchanges such as US-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are already seeking India's entry in hopes that the market will explode once regulatory uncertainty subsides.
Authorities around the world are taking steps to control the rapidly growing market. Earlier today, the Basel Committee on Banking Supervision recommended strict capital requirements for holding bitcoins.
The Indian crypto industry has seen solid growth, with Millennials embracing bitcoin since the country's Supreme Court overturned the Reserve Bank of India's ban on crypto banking in March 2020.
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