India looking to tighten regulations on crypto trading and holding: Report

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  • India plans to tighten regulation of cryptocurrencies to deter investors from holding them though the government is unlikely to follow through with an earlier plan to ban private digital coins, according to two sources familiar with the discussions.
  • The government is looking to classify crypto as an asset class, as demanded by the crypto exchanges, rather than as a currency, two sources said.
  • No official data is available but industry estimates suggest there are 15-20 million crypto investors in India, with total crypto holdings of around 400 billion rupees.
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