India unveils consultation paper to regulate cryptocurrency market
India is set to take significant steps towards regulating cryptocurrencies with the upcoming release of a consultation paper.
According to a CNBCTV18 report, this initiative, led by a panel from the Department of Economic Affairs (DEA), is expected to be published between September and October 2024, inviting input from various stakeholders on the regulatory framework for crypto assets.
Finance Minister Nirmala Sitharaman highlighted the global consensus among G20 nations regarding cryptocurrency regulations, emphasizing the need for tailored legislative measures within individual countries. She noted that while there is a unified understanding on a macro level, specific arrangements will vary by nation.
Economic Affairs Secretary Ajay Seth previously indicated that the DEA would consider stakeholder recommendations carefully before finalizing policy decisions. He acknowledged the heightened risks associated with cryptocurrencies, particularly for emerging economies, and mentioned that G20 discussions have focused on establishing effective regulatory components and responsible entities.
India has previously taken a firm stance on cryptocurrency regulation, having banned nine offshore platforms, including Binance, for violations of the Prevention of Money Laundering Act. However, Binance has since re-entered the Indian market after registering with the Financial Intelligence Unit.
The forthcoming consultation paper reflects the Indian government's proactive approach to shaping the future of digital currencies in the country.
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