'A step back': Tightened regulatory norms put crypto investors in a spot

Players from the crypto ecosystem believe at least this will create common standards, which in turn will make crypto assets much safer

First came the Reserve Bank of India warning that crypto is not something it would back. Then came the taxation — 30 per cent tax on transfer of virtual assets — followed by surprise raids/searches by the Enforcement Directorate (ED) on all major crypto currency exchanges.

The latest salvo comes from the finance ministry, which has brought virtual digital assets (VDAs) under the Prevention of Money Laundering Act (PMLA). While all the players have welcomed the step, users are wondering if the rising guardrails are to dissuade them from getting into this.

A 21-year-old cryptocurrency investor, who did not wish