India has not yet published its anticipated discussion paper on cryptocurrency, which was expected by September.

Other issues, such as upcoming World Bank meetings, have taken precedence over consultations with stakeholders critical for shaping India's crypto policy stance.

The document was initially expected to be released by September after consultations with stakeholders, including the central bank and the markets regulator. Although the intention to publish remains, an official timeline has not been provided due to the lack of public announcement regarding this delay.

India, being the world's fifth-largest economy, still lacks comprehensive crypto legislation, and the proposed discussion paper was thought to be a significant step towards that goal. The country currently describes the crypto landscape as unregulated but has implemented significant taxes on the sector, alongside requirements for crypto entities to register with the Financial Intelligence Unit (FIU-IND) to comply with global anti-money laundering and terrorism financing standards set by bodies like the Financial Action Task Force (FATF).

Policy officials in India are currently managing more urgent responsibilities, which include the upcoming annual meetings of the International Monetary Fund (IMF) and the World Bank at the end of this month. Additionally, they are engaged in multiple multilateral and bilateral discussions as regional conflicts persist between Ukraine and Russia, as well as ongoing tensions in the Middle East.

In light of an election year, the Finance Ministry is also focusing on two budgets: an interim budget due in February before the July elections and a comprehensive budget that follows, which entails extensive consultations throughout the country.

Despite a recent $234 million hack involving the Indian cryptocurrency exchange WazirX, officials do not regard crypto legislation as urgent as it was two years ago.

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