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India is currently reevaluating its cryptocurrency policies as various international jurisdictions, including the US, alter their perspectives on the asset class. The government is said to be reassessing a discussion paper on cryptocurrencies, which was scheduled for release in September 2024, according to Reuters.
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According to India’s Economic Affairs Secretary Ajay Seth, digital assets “do not recognize borders” and India cannot make unilateral decisions.
The decision to review crypto policy in India comes in the wake of US President Donald Trump’s recent enactment of an executive order concerning digital assets. This order established a framework for regulating cryptocurrencies while indicating a broader strategy to foster innovation within the asset sector.
However, India’s Union Budget 2025, presented by Finance Minister Nirmala Sitharaman on Saturday, did not specifically address the sector. Nonetheless, the budget has suggested tightening regulations for taxpayers involved in cryptocurrency trading.
According to a local daily, Business Today, a panel led by the Secretary of the Department of Economic Affairs (DEA) is anticipated to release a crypto consultation paper by March 2025. Furthermore, the paper will seek input from stakeholders to help shape a regulatory framework for virtual digital assets (VDAs).
India Aims to Stay Current in Crypto Policy
India is recognized for its strict stance on cryptocurrencies, imposing a 30% capital gains tax and a 1% TDS on transactions. Despite this, Indian investors have continued to navigate the country’s high trading taxes. According to a Chainalysis 2024 report, India has maintained its position as a leader in global crypto adoption for the second consecutive year.
Last year, Ajay Seth indicated that India’s significant crypto policy paper would focus on initiating stakeholder consultations rather than proposing immediate legislation. At that time, he suggested that India would evaluate global approaches to crypto regulation before determining its position.
This analytical approach is consistent with India’s efforts during its G20 presidency to emphasize a global consensus on cryptocurrency regulations.
The post India Reconsiders Crypto Policy Amid Global Adoption Shifts: Report appeared first on Cryptonews.
