India working on 5-point crypto legislation as ban is ruled out

Indian crypto platforms could attain similar status as authorized dealers (similar to banks) under the guidelines of the Indian central bank, RBI.

India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that could result in legal legislation in the next five to six months. Sidharth Sogani, CEO of Crebaco, which has worked with government agencies and ministries, told that the Indian government is working on a five-point crypto legislative framework with a global approach.

India recently concluded the G20 summit on a high with several key economic announcements; however, the most notable decision for the crypto community came in the form of the IMF–FSB joint recommendations for crypto regulations, which India and other G20 nations welcomed.

The IMF–FSB crypto recommendations call for regulating the crypto market rather than a blanket ban. The IMF–FSB recommendations are a set of regulatory guidelines and suggestions that the G20 countries can work on to formulate their independent yet collaborative crypto legislation.

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Sep-12-2023 07:25:51 AM