Create ICO regulations & Open the World to Indian Entrepreneurs
This petition had 5,924 supporters
Respected Prime Minister of India, Shri. Narendra Modi & Finance Minister Shri. Arun Jaitely and the teams,
I write this message not just as an Entrepreneur but also as a concerned citizen to bring to your notice the extraordinary moment in the Global Business & Entrepreneurship ecosystem which almost everybody is taking note of but not responding to with equal excitement and could very soon close completely upon us as developed economies take control of it. The #BlockChain, #CryptoCurrency & #ICO (Initial Coin Offerings) impact. And this is not an independent thought but is inspired from thoughts shared by like minded Entrepreneurs with their respective Governments.
The detrimental and biggest challenge for Indian Entrepreneurs & Businesses in the global ecosystem that is progressing at a never before pace is the availability of funds beyond just a select few Unicorns. Specially so in the wake of extremely aggressive & expensive marketing channels in today's world.
Over last year or so, in excess of USD 2 Billion has been channelled via the Initial Coin Offering(ICO) route of fund raising for exciting start ups. This money hasn't come from traditional Venture Capital or Private Equity firms alone, in fact a major part of it has been raised through ICO's. These start up's are creating a huge ecosystem of de-centralised products, services, platforms, applications, communication protocols & more based on the BlockChain technology and are using the token as an enabler for the initial as well as extended need of funds.
There is no denying that BlockChain has been accepted as a disruption of the scale of creating the Internet itself, but no disruption can actually catapult to that scale unless there is acceptance by the end consumer. With one of the largest and fastest growing economy we will be making a huge impact in years to come to this acceptance. Mine and like minded Entrepreneur's humble submission is to create a special purpose team so that our economy and the Entrepreneurs can make the most out of this acceptance phenomena.
The market capitalisation of the crypto-currency based token system has already inched closer to USD 200 Billion and is going to increase further. This huge wave of capital is not concentrated to specific geographies or countries but is rather global.
For the first time in history, Indian Entrepreneurs & Business Houses can have an ecosystem where there reach and exposure to funds, advisory and experience is not limited to the traditional routes alone and they can be at a level playing field with the global competitor. This could create a large number of job opportunities in the traditional sectors as well as in evolving technology & services domain as a global hub.
Indian Entrepreneurs and the ecosystem itself is un-able to make the best of the opportunity presented primarily because of the ambiguity or rather the absence of an environment that can support the structure of this disruption. Smaller jurisdictions across the globe are falling over each other to make the best of the opportunity presented and inviting Entrepreneurs. Sweden & Singapore are two of these to start with. More recently Japan and Australia as well have started accepting the technology and its by products.
While there is no ambiguity to the rules around the issuance of traditional securities, and token sales that fall under this category should definitely comply with those rules, yet there is still no clear directive to this effect. Some of existing business houses could gain a huge leverage through these channels like manufactures, real estate companies and Infrastructure companies etc.
At the same time, start up's cannot issue securities and most of the times their tokens are not traditional securities and in fact represent a completely new set of rights like usage of services, products, intelligence, products or applications all based on block chain technology and governed de-centralised by smart contracts which form the basis for this technology.
We have almost always been the global back-end for technology services arena and definitely not a leader in the block chain space as well, but with a huge population of technocrats and over a Billion users within the country can definitely be there.
It is a humble submission to open the field broadly, let us be the hub for not just Indian Entrepreneurship ecosystem but invite with open hands the global blockchain community too. Most of the members of this progressive community would want and can apply as well as adopt to self regulations or community regulations which can then be drafted into rules & regulations progressively. I am sure the community wouldn't want to risk it's future to bad apples and can create control mechanisms to counter this.
Once again BlockChain, Crypto-Currencies & ICO's represent an ever growing and expansive ecosystem as well as an opportunity for us as a country to be in the drivers position rather than just a followers position and I request you all in the decision making capacity to give your Entrepreneurs and consumers an opportunity to reap the benefits of it, rather than being fleeced by un-regulated crypto currency based ponzi schemes that are giving us a bad name globally and representing our ecosystem in bad light. This is a global wealth as well technology creation phenomena and we are capable of being at the front of it. Also, this position of the government will help us raise the entry to barrier for other similar efforts and position us in competition with the developed economies rather than developing economies.
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