Starting with the crash of Terra network, the past few months have been turbulent for the crypto ecosystem in Asia. In a latest, a key crypto panel advocating for cryptocurrencies indicated that it is shutting shop due to lack of results in the regulatory space. This is a big setback for the crypto community in the South Asian countries.
Indian Crypto Council Shutting To ‘Protect Reputation’
Even as India’s tough regulatory stance is becoming clearer with time, the Blockchain and Crypto Assets Council is all set to be dissolved. The crypto panel is part of the country’s influential lobby group, the Internet and Mobile Association of India. According a Techcrunch report, the association said it was risking its reputation in its pursuit of crypto adoption in the country.
The lobby group indicated that it would instead like to promote the Central Bank issued Digital Currency (CBDCs). The reports said the move to dissolve the crypto panel is coming from long time efforts in the direction of easing crypto regulation in the country. However, the council’s efforts did not materialize with the Indian government recently imposing a 1% tax on all crypto transactions.
“The move is a culmination of years of frustration for the Indian crypto industry. They felt that the lobby group’s influence and reach have been unable to deliver enough landmark results.”
Tightening Landscape For Asia’s Crypto Community
Last month, authorities of Singapore decided to go for a ‘brutal’ approach to the cryptocurrency ecosystem. The country’s lawmakers are working towards tightening the noose around digital assets. On the other side, the country is also trying to a launch a CBDC within three years.
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Also, other Asian countries like South Korea are taking to a cautious approach after the recent fallout of the Terra network. However, the country is working towards providing a regulatory framework for initial coin offerings (ICOs).
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