The Indian government is gearing up to introduce a comprehensive regulatory framework for cryptocurrencies. A panel led by the Secretary of the Department of Economic Affairs (DEA) is set to release a consultation paper on the matter between September and October 2024.
The consultation paper aims to gather feedback from various stakeholders, including industry experts, investors, and the general public, on the most effective way to regulate digital assets. This move underscores India’s proactive approach in addressing the challenges and opportunities presented by cryptocurrencies.
The government's decision to release the consultation paper comes on the heels of a recent statement by India’s Finance Minister. He highlighted the growing consensus among G20 nations on a unified regulatory approach for cryptocurrencies. This international alignment suggests a global shift towards establishing standardized rules and regulations for the digital asset space.
The upcoming consultation paper is expected to play a pivotal role in shaping India’s cryptocurrency landscape. By seeking input from diverse stakeholders, the government aims to develop a regulatory framework that balances innovation, consumer protection, and financial stability.
August 2024, Cryptoniteuae