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India is planning to regulate cryptocurrencies as commodities for purposes of taxation based on their uses and to categorize them according to the technology they utilize or on their end-use.
The use cases are payments, investment, or utility, according to the draft of a bill.
Also included in the draft is the plan is to define cryptocurrencies.
Additionally, the government will decide which cryptocurrencies would be allowed to be traded in India.
India's plan marks the first time cryptocurrencies are to be categorized by the technology they use.
The regulation of cryptocurrencies as commodities based on their use cases was well-received by India's crypto community.
India's step towards crypto regulation, according to Wazirx CEO Nischal Shetty, will bring more clarity to push more entrepreneurs into the industry.
He added that the plan would reduce the fear of investing in the crypto industry in India.
Giottus CEO Vikram Subburaj pointed out that since cryptocurrencies have numerous use cases, a nuanced approach is better than a one-size-fits-all policy.
Meanwhile, Mudrex CEO Edul Patel noted that compartmentalizing cryptos based on their uses, if efficiently implemented, would significantly boost the newly-recognized asset class.
Patel added that the government's effort shows it acknowledges cryptocurrencies as much more than speculative instruments and have varying use cases.
