India to Present Cryptocurrency Consultation Paper

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Context and Initiative
  2. Implemented Measures
  3. Regulatory Authorities' Stance


    4. India is moving closer to shaping its cryptocurrency regulations as the Department of Economic Affairs (DEA) prepares to release a consultation paper expected in September or October.

    Context and Initiative

    According to local reports, the paper will gather input from various stakeholders and could set the direction for digital currencies in the country. The paper is led by the DEA Secretary and comes at a time when global scrutiny of cryptocurrencies is increasing.

    Implemented Measures

    India has already taken some steps toward regulating crypto, such as introducing a 30% tax on gains and a 1% tax deducted at source in April 2022. These measures were the first attempts to bring crypto activities under some control.

    Regulatory Authorities' Stance

    The upcoming DEA paper is expected to address concerns from financial authorities like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). SEBI has suggested a multi-layered regulatory approach, where different agencies handle different aspects of crypto. However, the RBI remains cautious, warning that digital currencies could threaten the country’s financial stability.

    These steps demonstrate India's serious intent to enforce strict oversight of the crypto sector, emphasizing international cooperation and prevention of illegal activities.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Spot Bitcoin ETFs See Major Inflows After Quiet Week

US spot Bitcoin ETFs saw a remarkable inflow of nearly $100 million on Monday, marking a significant turnaround from the previous week.

user avatarKofi Adjeman

Circle Raises $100 Million from Binance through Share Sale

Circle has raised $100 million by selling shares to Binance as part of a commercial agreement to promote USDC.

user avatarNguyen Van Long

Circle and Binance Extend Partnership with New Agreement

Circle and Binance have renewed their partnership with a new agreement that replaces previous contracts. This arrangement allows Binance to hold shares in Circle while promoting the USDC stablecoin on its platform.

user avatarSatoshi Nakamura

Coincheck Group Announces Leadership Change

Coincheck Group has confirmed the resignation of Executive Chairperson Takashi Oyagi, effective September 21, for personal reasons, and has approved a new leadership transition structure.

user avatarJesper Sørensen

MEXC Launches Initiatives to Enhance Access to Financial Markets

MEXC has launched several initiatives, including the Trade Wall Street, Without Walls campaign, to enhance access to traditional financial markets.

user avatarRajesh Kumar

MEXC Introduces Stock Trading Handbook for Crypto Traders

MEXC has launched the Stock Trading Handbook to assist crypto traders in transitioning to the stock market as part of its Opportunity Compass initiative.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.