Crypto-Haven


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Crypto-Haven - Experimenting with Ideas - Idea Blog

 

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Crypto-Haven

 

Experimenting with Ideas

 

(09.04.2018 – Idea Blog)

 

 

After India’s RBI barred banks from dealing in cryptocurrency, a lot of India’s crypto-exchanges are looking into shifting base abroad to countries and territories like Singapore, Switzerland, Puerto Rico etc.

 

The exchanges need access to banking services and eKYC which is becoming more problematic in India. That said, the RBI is looking into the possibility of starting its own cryptocurrency.

 

Customers of these crypto-exchanges need to be able to convert between various cryptocurrencies and fiat currencies. Some jurisdictions are better for this than others. It’s a question of finding a jurisdiction with a stable environment for crypto businesses. Crypto-regulations are in flux around the world as authorities tried to get a grip on this crypto-craze. It may be like a cat-and-mouse game where tax authorities try to limit the use of tax havens abroad.

 

India should create its own ‘sandbox’ in a state or territory to allow crypto-businesses to experiment with various technologies, business models and ideas, otherwise they risk all the tech talent going abroad. The Indian authorities could then see how to best regulate this new technology for its benefit. This should be extended to startups generally, not just blockchain technology startups, and allow them relatively free reign to experiment with ideas. This territory within India could become an ideas incubator.

 

 

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