India to reconsider crypto policy following global regulatory shifts: Report
India’s Economic Affairs Secretary Ajay Seth said that evolving global perspectives on cryptocurrency usage and its role in financial systems have pushed the government to revisit its approach to the digital assets.
India is reconsidering its position on cryptocurrencies, said a report by Reuters quoting a senior government official.
The review comes amid policy adjustments in nations like the United States, where former President Donald Trump recently announced initiatives to regulate and incorporate digital assets.
India’s Economic Affairs Secretary Ajay Seth said that evolving global perspectives on cryptocurrency usage and its role in financial systems have pushed the government to revisit its approach to the digital assets.
"More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of usage, acceptance, and importance. In that stride, we are having a look at the discussion paper once again," Seth added.
As a result, India’s long-awaited discussion paper on cryptocurrency, initially expected in September 2024 may face further delays. The document is supposed to outline regulatory measures for the digital assets.
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Seth also said that given the cross-border nature of cryptocurrencies, India’s approach cannot be unilateral. While he did not specifically refer to the US, Trump’s recent executive order establishing a working group on cryptocurrency regulations and a national digital asset stockpile has drawn attention.
Despite India's strict regulations and high tax rates on cryptocurrency transactions, digital assets have gained popularity among investors in the country.
The Financial Intelligence Unit (FIU) has been actively monitoring offshore exchanges for compliance with local laws. In December 2023, the FIU issued show-cause notices to nine offshore exchanges, citing regulatory violations. Binance, the world’s largest cryptocurrency exchange, was fined Rs 188.2 million ($2.25 million) in June 2024, a month after registering with the FIU to resume operations in India.
India’s regulatory landscape on cryptocurrency remains divided. In 2023, the Securities and Exchange Board of India (SEBI) suggested a multi-regulator framework to oversee crypto transactions. However, the Reserve Bank of India (RBI) continues to caution against private digital currencies due to macroeconomic risks.
