CII: Treat cryptos as particular class securities

Cryptocurrencies or digital tokens ought to be handled as securities of a particular class to which the provisions of present securities laws won’t apply, and a brand new set of laws acceptable to the context ought to be developed and utilized, trade physique CII stated in a press release.
This would imply regulatory concentrate on dealings and custody, slightly than on issuance (besides the place issuance entails an preliminary coin providing to public by an issuer established right here), Confederation of Indian Industry (CII) stated.
Centralised exchanges and custody suppliers that could be established in India, should be required to register with Sebi and to stick to KYC and AML compliance necessities that apply to monetary markets intermediaries, it stated. It additionally really helpful extending therapy of crypto/digital tokens as ‘securities’ of a particular class. (With PTI)