According to Odaily, India's Secretary of Economic Affairs, Ajay Seth, announced that the country plans to release a discussion paper on cryptocurrency policy by September. A cross-departmental team, including the Reserve Bank of India and the Securities and Exchange Board of India, is working on the policy framework.

Seth emphasized that the purpose of the document is to seek stakeholder feedback rather than to commit to comprehensive legislation. Currently, India has not implemented extensive cryptocurrency regulations but has imposed high taxes on the industry. Additionally, cryptocurrency entities are required to register with the Financial Intelligence Unit to comply with global anti-money laundering and counter-terrorism financing standards.