India is set to release a key consultation paper on crypto regulation between September and October 2024. The paper will seek feedback from stakeholders on the country’s crypto regulatory framework.
Preparation of Consultation Paper
India’s Department of Economic Affairs (DEA) is preparing to release a consultation paper to gather opinions from stakeholders on the country's crypto regulation. This effort aims to provide comprehensive regulatory guidelines for the crypto market.
India’s Regulatory Moves
In a parliamentary meeting on August 5, India’s Minister of State for Finance Pankaj Chaudhary stated that the country has no plans to regulate crypto trading. He also revealed that the government does not collect data on Indian crypto holders. 'Crypto assets or Virtual Digital Assets (VDAs) are unregulated in India, and the government does not collect data on these assets,' the minister noted.
International Cooperation
India's move to prepare a consultation paper on crypto regulation aligns with the G20 nations' unified stance on crypto regulation. This reflects the country's commitment to international cooperation in crypto regulation.
The release of the consultation paper on crypto regulation is expected to be a critical step in shaping regulatory norms for India's crypto market and strengthening collaboration with international partners.
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