TheDinarian
News • Business • Investing & Finance
Indian Finance Minister Presents 2022-23 Economic Survey
February 02, 2023
post photo preview

The history of India’s Economic Survey dates back to 1950-51. During the first decade of its publication, the document was a part of India’s annual national budget documents. In the 1960s, the authorities separated it from the budget documents and started presenting it a day before the Union Budget.

This year’s Economic Survey was published on January 31st by the Chief Economic Advisor of India (CEA), V Anantha Nageswaran. An Economic Survey aims to paint a holistic picture of the country’s present-day economic condition. It details trends prevailing in key macroeconomic segments, including agriculture, forex reserves, industry, infrastructure, etc. It also covers the country’s standing in areas including Healthcare, Poverty, Climate change, Human Development, etc.

It also offers insights into potential challenges that the economy might face in the future and discusses ways to overcome those challenges.

Here we intend to discuss developments around cryptocurrencies in India’s present-day economic scenario, as presented in the Economic Survey 2022-23. And in case you wish to learn about crypto regulation and taxation in India, click here.

The Core Approach Towards Crypto

The Economic Survey’s current approach towards crypto revolves around understanding cross-country regulations. It started discussing crypto assets in the document with a mention of the FTX debacle. It was indicative of the fact that the Indian Government spent time and efforts in understanding the vulnerabilities in the crypto ecosystem as it exists today.

The Nature of Crypto Assets

In its opening paragraph on crypto, the document pondered the necessity of a common approach to regulating the ecosystem. Here, it highlighted crypto assets as ‘self-referential instruments’ that do not ‘strictly pass the test of being a financial asset.’ Explaining the reason for such ‘disqualification,’ the document said that crypto-assets do not have intrinsic cash flows attached to them.

The document referred to the US regulatory agencies’ take on crypto assets here and said that even ‘US regulators have disqualified Bitcoin, Ether, and various other crypto assets as securities.’ It also referred to the joint statement on crypto assets issued by the United States Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (OCC) on January 3rd, 2023.

For our readers’ benefit, we will look into this statement and what it tried to convey.

The US Joint Statement Highlights

The joint statement issued by the US authorities was on crypto-asset risks to banking organizations. These risks included the risk of fraud and scams, legal uncertainties relating to the operations of crypto service providers, inaccurate or misleading representations and disclosures by the crypto-asset business, and more.

It also talked about the notable levels of volatility in the market, the susceptibility of stablecoins and how their reserves could harm a bank’s risk profile, and contagion risk within the crypto asset sector.

Since the Indian Government’s Economic Survey cited the joint statement in its document, it could be well assumed that the Indian authorities are also aware of these risks and vulnerabilities and consider them as areas to address.

To conclude this segment, the Government of India’s Economic Survey sees crypto assets and the ecosystem attached to them as ‘geographically pervasive.’ Resultantly, it wants to look forward to a common approach established worldwide.

Different National Policies Examined

The Economic Survey looked at the European Union, Japan, Switzerland, the United Kingdom, Albania, and Nigeria to bring a global perspective to things happening with crypto assets worldwide. The selection of countries raises curiosity, as it involves a mix of developed and developing economies. Perhaps the goal is to avoid getting a skewed analysis.

In the coming segments, we will look at each of these cases.

European Union and MiCA

While talking about the EU regulations, the Economic Survey mentioned the imminent Markets in Crypto Assets (MiCA) regulations.

MiCA, as defined by the European Union itself, aims at establishing transparency in the crypto world by setting up disclosure requirements for the issuance and admission to trading crypto assets. Furthermore, it would lay the ground for the authorization and supervision of crypto-asset service providers, including the issuers of asset-referenced tokens and electronic money tokens. It would also define the legal boundaries within which the issuance, trading, exchange, and custody of crypto assets can run in a way that is safe for its users.

There are four broad objectives that MiCA wants to fulfill. First, it intends to make the legal coverage exhaustive. Secondly, it believes an exhaustive and transparent legal framework would support growth, adoption, and innovation in the crypto ecosystem. Thirdly, through MiCA, the EU wants to ensure that consumers and investors are adequately protected. Finally, the fourth one aims at enhancing financial stability as and when some crypto assets ‘become widely accepted and potentially systemic.’

Since the Indian Government’s Economic Survey has taken a good look at MiCA, going ahead, it might aim at legal and regulatory mainstreaming of the industry for the sake of good growth and a protected environment for consumers.

Japan and Payment Service Act

In discussing the situation in Japan, the document made a mention of the Payment Service Act. A brief look through this act should help us understand what Japan’s crypto scenario might inspire in the Indian system.

Cryptocurrencies and utility tokens in Japan are regulated as crypto assets under the Payment Service Act. Business operators are asked to undergo registration as a provider of Crypto Asset Exchange Services (CAES). It is crucial to note that Japanese Law does not treat crypto assets as money, nor does it equate them with fiat currencies. No crypto asset in Japan enjoys the backing of the Japanese government or the Central Bank of Japan.

The Japanese Crypto regulations also mandate providers have proper frameworks for clients’ asset segregation, operational and cyber security management, KYC, internal audits, and minimum capital requirements.

Financial Services Act in Switzerland and Categorization of Tokens

While reviewing the regulatory framework of Switzerland, the Economic Survey report takes note of the country’s categorization of tokens into Payment tokens, Utility tokens, and Asset tokens. It also mentions the role of the Financial Services Act in harmonizing prospectus requirements across all securities.

It would be pertinent to mention here that the Switzerland government enforced a law that had been popularly termed the Blockchain Act on August 1st, 2021. The aim was to offer a legal basis for trading cryptocurrencies in the country. The act also aimed at increasing investors’ legal certainty in events such as bankruptcy by providing for the segregation of crypto assets and protecting investor interests.

In a unique example of operating things, the Blockchain Act aimed at creating a new license category for Distributed Ledger Technology or blockchain-based trading systems under the supervision of FINMA, the Swiss Financial Market Supervisory Authority.

United Kingdom’s “Final Guidance on Crypto Assets”

As noted in the Economic Survey, the UK Financial Conduct Authority’s Final Guidance on Crypto Assets kept utility and exchange tokens, unbacked crypto assets, outside the prudential and regulatory purview. The Survey also noticed the findings of the UK Crypto Assets Taskforce, which found that misleading advertising and lack of suitable information did result in consumer protection issues.

Albania’s Law On DLT-Based Financial Markets

The annual Indian Economic Survey mentioned Albania’s Fintoken Act, which helped legalize crypto assets in the country for investment purposes in May 2020. The document emphasized Albania’s crypto licensing regime. As per this regime, the licensing of crypto asset service providers is heavily reliant upon third-party agents, licensed as ‘Digital Token Agents.’

Nigeria’s Shift in Crypto Policies

The Central Bank of Nigeria had initially rejected crypto assets the status of legal tender. However, in May 2022, the Securities and Exchange Commission published “New Rules on Issuance, Offering Platforms and Custody of Digital Assets,” with requirements and SEC-purview mechanisms laid out in detail.

Summary

Looking at the existing regulation worldwide, the Economic Survey of India, which sets the foundation for the country’s annual fiscal budget and monetary policies, called for comprehensive and consistent global standards in the crypto market. It also advocated faster resolution of AML/CFT obligation standardization delays.

In setting a comprehensive global standard, the Economic survey document also highlighted the importance of having standard taxonomies and reliable data to address contagion effects.

The document has also taken note of the volatile nature of the crypto market, as it observed that the global crypto market’s valuation went down from “almost US$3 trillion in November 2021 to less than US$1 trillion in January 2023.”

The report admitted that monitoring and regulating cryptocurrencies could be tricky. It highlighted that despite its promise of decentralization, the crypto market had seen the emergence of unregulated intermediating entities and new centralized intermediaries such as exchanges, wallet providers, and crypto conglomerates.

It stressed that the global standards applicable to unbacked crypto assets are insufficient to mitigate the system’s risks and vulnerabilities. It highlighted regulatory gaps in the areas of issuance, transfers, exchanges, and storage by non-banking entities. It also said that traditional financial regulation strategies might prove insufficient to address the needs of the multitude of crypto actors, such as miners, validators, and protocol developers.

Link

community logo
Join the TheDinarian Community
To read more articles like this, sign up and join my community today
0
What else you may like…
Videos
Podcasts
Posts
Articles
Ripple CEO on partnership with BNY to serve as custodian of stablecoin
00:01:12
Brad Garlinghouse In Washington 🚀

It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

  • Brad Garlinghouse
    July 9, 2025
00:01:56
More Of The Same...l

🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.

👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton

00:01:30
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.

Need help getting started? Check out our knowledge base to get the info you need: https://veridao.freshdesk.com/support/solutions/articles/51000487052-what-are-the-nft-activation-steps

👉Interested in which NFTs have been activated? Check them out here:
https://basescan.org/token/0x4516a5d613c30a36d157d3b579813734cbb929a4

post photo preview

🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!

post photo preview
Brinc Launches Web3 Accelerator with Octopus, XDC & IDA

Brinc Launches Web3 Accelerator with Octopus, XDC & IDA to Transform Hong Kong’s Loyalty and Payment Systems.

Read more: https://www.brinc.io/blog/brinc-launches-octopus-backed-web3-accelerator-program-to-revolutionize-hong-kongs-retail-loyalty-and-payment-ecosystem-with-xdc-and-ida-as-key-web3-infrastructure-partners/

🔗 Startups can apply from July 10

📅 Launching Sept 8

Learn more about the Web3 Accelerator program and apply now: https://www.brinc.io/stablecoin-accelerator/

post photo preview
Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

Read full Article
post photo preview
GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

Read full Article
post photo preview
Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

Read full Article
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals