From opposing to regulation: Is there a mood swing for crypto in India? Here's what expert says

livemint.com:

Cryptocurrencies, simply called cryptos, have rapidly gained traction among the millennials and Gen-Z as an asset class. They have attracted investors at a higher pace in comparison to traditional investment options like stocks, gold, bank deposits, and real estate. The new age investors see this alternative asset class in the form of digital tokens as riskier but better rewarding. However, the prolonged crypto winter beginning at the late end of 2021 spooked the markets, while some ground has been gained lately.

Alike the rest of the world, cryptocurrencies emerged as a fad in India in 2009 with the introduction of Bitcoin. The first commercial transaction took place in 2010, followed by the first cryptocurrency trading platform in 2013. Over the past few years, it has garnered a significant following and interest in India. According to industry estimates, around 20 million cryptocurrency investors are expected to exist in the country.

Last week, Bitcoin jumped more than 140% this year to outstrip other investments like stocks, and gold, and optimism for further gains is high. Its stellar performance came after a turbulent period for the token that has rebounded on expectations the Federal Reserve will cut interest rates and hopes of greater demand from exchange-traded funds.

Speaking to LiveMint, Winston Hsiao, an active crypto trader who founded Taiwan’s first Bitcoin exchange BTCEx-TW in 2013 said the evolving landscape shifted between banning crypto, to imposing tax deducted at source and on capital gains.

He emphasized investor protection and preventing illicit activities by requiring Virtual Digital Assets (VDA) providers to register with the Financial Intelligence Unit (FIU) and comply with the Prevention of