The Indian government is expected to unveil a comprehensive discussion paper outlining potential policy approaches for regulating crypto assets in June.
A government official revealed to The Economic Times that a discussion paper on crypto assets is nearing completion and may be released for public feedback as soon as next month.
This upcoming paper will incorporate insights from reports prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). Additionally, it will explore and evaluate the regulatory frameworks that various countries have adopted for managing cryptocurrencies.
“Discussion paper on crypto assets is being given finishing touches” and will be posted for public comments next month,” one of the sources told ET.
A senior government official told the publication, “India will take a call keeping in view its own national interest. No knee-jerk decision would be taken in view of the wide ramifications of this industry.”
After years of being sidelined over concerns about its association with illicit activities, the crypto sector is beginning to gain traction. Industry leaders from prominent Indian exchanges have noted a significant change in government interaction, particularly following Donald Trump’s re-election and his supportive position on cryptocurrencies.