监管印度的加密资产（英）

Executive Summary1Meghna Bal • Shweta Venkatesan • Varun RamdasRegulating Crypto Assets in India2© 2021 Observer Research Foundation. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from ORF. Attribution: Meghna Bal, Shweta Venkatesan, and Varun Ramdas, Regulating Crypto Assets in India, November 2021, Observer Research Foundation. Observer Research Foundation20 Rouse Avenue, Institutional Area New Delhi 110002 India contactus@orfonline.org www.orfonline.org ORF provides non-partisan, independent analyses and inputs on matters of security, strategy, economy, development, energy and global governance to diverse decision-makers (governments, business communities, academia, and civil society). ORF’s mandate is to conduct in-depth research, provide inclusive platforms, and invest in tomorrow’s thought leaders today.The Esya Centre is a New Delhi-based technology policy think tank. The Centre’s mission is to generate empirical research and inform thought leadership to catalyse new policy constructs for the future. It aims to build institutional capacities for generating ideas that will connect the triad of people, innovation, and value to help reimagine the public policy discourse in India. More details can be found at www.esyacentre.org.Design & Layout: Rahil Miya ShaikhImage credits: Getty Images/Andriy OnufriyenkoContentsExecutive Summary 8Crypto Assets: Technology and Market Overview 10 1. What is a crypto asset? 11 2. What are the different types of crypto assets? 11 3. What are stablecoins? 11 4. What is Blockchain Technology? 11 5. Does Blockchain Technology have a value proposition separate from crypto assets? 13 6. What is the advantage of crypto assets? 14 7. Who are the main actors in the crypto-asset market? 14 8. Who are the participants in a crypto-asset transaction? 15 9. How is a crypto transaction carried out? 16 Technology and Market Overview: Key Takeaways 17Why Crypto Assets Should be Regulated, Not Banned 18 1. Crypto assets are expected to form the basis of the future form of the internet 19 2. India is one of the fastest growing crypto markets in the world 19 3. Private crypto markets will help guide the hands of decision-makers on how to reckon with digitised financial markets 19 4. A flourishing domestic crypto market gives India leverage in global conversations around crypto assets 20 5 Bans often lead to unintended consequences 20 6. Ban on crypto assets is unconstitutional 21 7. Fiscal stability and monetary policy 21 8. Money Laundering and Financial Crime 22 9. Investor Protection 24 10. Regulatory Certainty for Industry Stakeholders 25 11. Tax Evasion 25 Why Crypto Should be Regulated, Not Banned: Key Takeaways 26How Other Jurisdictions are Approaching Crypto Asset Regulation 28 1. Accommodating crypto assets within existing legislation 29 1.1 European Union 29 1.2 United Kingdom 30 1.3 United States 31 2. Inno