India Shuns Bitcoin Legalization Again, Excludes Crypto Startups from Fintech Sandbox

The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.” The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.

“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,” the document read, listing crypto assets, crypto trading, and ICOs as excluded areas.

The draft framework essentially eliminates crypto-related businesses and bitcoin exchanges from the fintech market, which the government of India has expressed its intent on supporting.

Reference: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox

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