India may finally get closer to having proper rules and regulations for the crypto industry. Nirmala Sitharaman, the Indian Finance Minister, has recently declared that her ministry has a proposal in this regard and that it will be placed before the Cabinet for discussion.
She declared: “We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.”
If the cabinet does approve the proposal for crypto regulations, the topic will be discussed during the monsoon session which will be held from July 19th to August 13th.
Indian crypto investors have been putting pressure on the government to create regulations for the crypto community as the popularity of digital assets is increasing. As of now, there are no laws that cover crypto, making investing in this space very risky.
Sitharaman also declared: “From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available.”