Overview

India is taking a second look at its crypto regulations as global perspectives on digital assets evolve. In light of a softening approach among various countries, inspired partially by changes in the U.S. under former President Donald Trump’s administration, India’s Economic Affairs Secretary, Ajay Seth, commented on the situation.

Key Points

• India is revisiting its crypto discussion paper which had been suspended last year.
• The shift in global policy is influencing India’s decision to reevaluate its stance on cryptocurrencies.

Background

Although cryptocurrencies remain unregulated in India, the government introduced certain taxes on digital assets in 2022. Despite efforts from the crypto sector to persuade the Narendra Modi-led government for more clarity on policies and less stringent tax rules, changes have yet to occur.

Ajay Seth remarked, “More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of usage, acceptance, and the importance of crypto assets. With that in mind, we are reviewing the discussion paper again.” This indicates India’s readiness to align its regulations more closely with international trends as they pertain to cryptocurrencies and digital finance.

For further updates, refer to the article on CoinDesk.