India’s Landmark Asset Tokenization Bill Unlikely to Pass in Parliament due to Politics and Bureaucratic Hurdles

Indian Member of Parliament Raghav Chadha has introduced a tokenization bill that also proposes regulations, protections for investors, and mechanisms to resolve conflicts.

The bill is unlikely to pass as MP Chadha is a member of the opposition. Further, private member bills in India rarely pass due to bureaucratic hurdles and political reasons.

If passed, the bill would have set a golden standard for positive crypto regulations in the country.

Current Indian laws on crypto are hostile to digital assets, with a flat 30% tax and a 1% tax deducted at source.

India is the 4th-largest economy in the world by GDP and the 3rd-largest by GDP PPP.

Source: https://bfmtimes.com/indias-landmark-asset-tokenization-bill/