Regulating cryptocurrency exchanges | The Indian Express

Updated: June 1, 2020 9:27:23 pm

In its heyday, MT Gox crypto exchange accounted for nearly 70 per cent of all Bitcoin transactions. (Representational image)

Written by Radhika Pandey and D Priyadarshini

By striking down the Reserve Bank of India circular of April 6, 2018, the Supreme Court has given a fillip to crypto exchanges in the country. The circular had stopped traders and exchanges from accessing the banking system. Unable to conduct trades, several exchanges had shut down or moved overseas. Now, some have returned, others are seeing increased users and one has recently secured a multi-million dollar investment.

But the judgment has also rekindled the question of regulating crypto exchanges. There exists no clear legal and regulatory framework governing them. Recent reports suggest that the government may be mulling over a regulatory…