India, March 24 -- Industry body, Blockchain and Crypto Assets Council (BACC), has opened a front against the Union government over the ambiguous crypto policies of the state.

BACC lashed out over the recent clarification that stated that loss in one crypto asset could not be offset against another.

In a statement, BACC office bearers called the provision 'regressive', adding that the move would discourage retail investors from participating in the crypto boom in the country. It also added that disallowing offsetting crypto losses might negatively impact tax collection in the country.

BACC co-chair and CEO of CoinSwitch Kuber, Ashish Singhal, said, "We fear the lack of provision to offset losses will drive away users from KYC-compliant...