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India to Reveal Crypto Policy Discussion Paper by September

India is poised to unveil a discussion paper on its cryptocurrency policy by September, according to Economic Affairs Secretary Ajay Seth, to gather feedback from relevant stakeholders on proposed regulations for the growth of the crypto market.

Seth emphasized that currently, cryptocurrencies in India are regulated primarily through Anti-Money Laundering (AML) and Counter-Terror Financing (CTF) measures. However, the scope of regulation could potentially expand, as detailed in the forthcoming discussion paper.

“So should the remit be more? What should be the policy stance? All that will come out in the discussion paper,” Seth noted.

The policy paper aims to initiate a public consultation process, inviting comments from various stakeholders. “The policy stance is how does one consult relevant stakeholders, so it is to come out in the open and say here is a discussion paper, these are the issues, and then stakeholders will give their views,” Seth explained.

Back in March 2023, India extended AML and CTF standards to crypto assets and intermediaries, marking a significant regulatory step. The upcoming paper is being prepared by an inter-ministerial group, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi). Seth confirmed that this group is diligently working towards a comprehensive policy framework for cryptocurrencies.