Main Points About India’s Crypto Regulations:
India’s Regulatory Stance on Cryptocurrencies
Regulators in India are planning to release a discussion paper by the end of 2024 to outline the government’s position on cryptocurrencies. This paper will seek input from stakeholders and address concerns about policy and regulation in the country.
Inter-Ministerial Group Drafting Policy Paper
An inter-ministerial group, which includes the Reserve Bank of India and the Securities and Exchange Board of India, is working on drafting the discussion paper. The group aims to create a comprehensive policy for cryptocurrencies that goes beyond current regulations focused on AML and EFT.
Key Stakeholders’ Perspectives on Crypto Regulation
While the RBI has proposed a complete ban on cryptocurrencies due to economic stability risks, the SEBI has suggested a multi-agency approach to regulating the sector. Various agencies, including the Insurance Regulatory and Development Authority of India, could have oversight responsibilities according to SEBI’s proposals.
