- The Secretary of the Department of Economic Affairs will draft a consultation paper by collaborating with Indian crypto stakeholders.
- Crypto regulations are much awaited by industry participants in India owing to its high adoption rate.
As an experienced crypto investor based in India, I have witnessed the rollercoaster ride that is our country’s approach to digital assets. With the Secretary of the Department of Economic Affairs collaborating with industry stakeholders to draft a consultation paper, it feels like we are finally taking steps towards much-awaited regulations.
The Indian administration is collaborating with cryptocurrency influencers to compose a discussion document. This will enable them to establish the long-desired regulations for this investment class. By involving key players from the sector in this process, the government can tackle critical issues and construct an extensive, clear-cut structure, leaving no room for confusion.
A report stated that a high-ranking official from the DEA will manage an upcoming paper regarding cryptocurrencies. This paper is due for release between September and October. As this document gets released, members of the Indian crypto community are eager to learn more about updates, considering India’s strong adoption rate at the grassroots level. However, the government has not yet implemented regulations to protect investors or provide clear guidelines on various aspects of the industry.
Ever since the G20 Summit, Indians have been on edge following Prime Minister Narendra Modi’s statement about the need for regulation of new technologies such as cryptocurrencies and AI. Similarly, Indian Finance Minister, Nirmala Sitharaman, emphasized the importance of a collective approach by G20 members to regulate cryptocurrency. Unfortunately, no significant progress has been made since then, leaving crypto users and businesses in India in a state of uncertainty.
India Took Action Against Offshore Exchanges Not Following Its Money Laundering Regulations
In December 2023, the Financial Intelligence Unit – India (FIU-IND) enforced a ban on several foreign cryptocurrency exchanges functioning within the country. The affected platforms included Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, due to their non-compliance with Indian anti-money laundering (AML) regulations. However, Binance agreed to pay a fine of $2.25 million, registered with the agency, and vowed to abide by the AML laws in order to resume operations in the subcontinent.
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2024-08-26 21:50