India Will Soon Regulate Crypto With New Law Before Budget, Say Finance Minister

India’s Finance Minister has voiced out that India will soon bring its new law to regulate crypto in the country. This milestone is expected to begin ahead of the country’s budget. However, people believe this could make crypto a legal asset class in India in a few months. Besides, it is a departure from the earlier approach which proposes a complete ban on cryptocurrencies. 

Looking at the incoming proceedings, the government is likely to regulate cryptocurrencies with a tax on transactions. Also, another report from the government states that instead of fighting technology it is rather going to regulate digital assets with precise new laws. In addition to this, the law allows and regulates cryptocurrency as they expect it before the nation’s budget. 

A statement from Finance Minister Nirmala Sitharaman reads:

We are very clear not to shut off all options, we will allow a certain amount of window for people to use blockchain, bitcoin, or whatever they want to call it. The cryptocurrency experiments and fintech which depend on the experiment will have that window available for them we are not going to shut it off at all.

Currently, it is worth mentioning that despite the upcoming event, India has a whole set of legal frameworks that govern cryptocurrencies. Even though India is estimated to have not less than 15 million investors. 

On the other hand, WazirX CEO, Nischal Shetty shared his opinion regarding India’s new cryptocurrency law and also posted on his Twitter regarding the regulation bill next year. In the tweet, he mentioned that “India is finally on the path to crypto regulation.”