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India is poised to disclose a crucial discussion paper on its cryptocurrency policy before September, according to Economic Affairs Secretary Ajay Seth in an interview withlocal media. This initiative marks a significant step in shaping the country’s regulatory stance on digital assets. India’s policy position on cryptocurrencies 
The discussion paper, which is expected to outline <a href="https://news.todayq.com/no-relief-for-crypto-in-india-interim-budget-keeps-30-tax-1-tds/" rel="noopener noreferrer nofollow">India’s policy</a> position on cryptocurrencies, will serve as a foundation for stakeholder consultation rather than immediately proposing new legislation. Ajay Seth highlighted that the purpose of the paper is to present key issues and invite feedback from relevant parties.
“The policy stance is about consulting relevant stakeholders. We will release a discussion paper highlighting key issues and then gather feedback from interested parties,” Seth said.
The development of this policy is being overseen by an inter-ministerial group, which includes the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The RBI has traditionally been skeptical of cryptocurrencies, arguing that they pose risks to macroeconomic stability and favoring a ban on their use. On the other hand, SEBI supports the idea of regulating digital assets and has proposed that oversight should be distributed among several authorities. India’s current crypto framework&nbsp; 
Currently, India lacks a comprehensive legislative framework for cryptocurrencies. However, the government has implemented strict taxes on the sector. Additionally, cryptocurrency entities must register with the Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and anti-terrorism financing standards set by global organizations such as the Financial Action Task Force (FATF). This requirement reflects a move towards legitimizing the industry and enhancing its credibility.
At present, India’s regulation of cryptocurrencies focuses primarily on AML and electronic funds transfer (EFT) regulations. “In India, cryptocurrencies are regulated from the perspective of AML and EFT alone. The discussion paper will explore whether the regulatory scope should be expanded and what the policy stance should be,” Seth noted.
In September 2023, Seth indicated that India would assess and determine its position on cryptocurrencies in the “coming months” after considering global perspectives on acceptable crypto regulatory frameworks. This statement came amid India’s presidency of the Group of 20 (G20), during which the country has prioritized achieving a consensus-based approach to global cryptocurrency regulation.
The upcoming discussion paper is expected to be a key document in guiding India’s future regulatory framework for digital assets, balancing economic stability with the need for effective oversight.

India’s Crypto policy discussion paper coming soon: Report

Todayq News

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