India More likely to Regulate Crypto, Not Ban It, in Upcoming Finances: Report

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According to a report by Business Today, the Indian government is likely to regulate cryptocurrencies in its upcoming budget in February, moving away from its earlier approach of imposing a total ban.

  • A law on cryptocurrencies will most likely be discussed in the country’s next general budget, the report said, citing officials from the Indian Ministry of Finance.
  • The government will likely choose to regulate cryptocurrencies as an asset class similar to commodities with reasonable taxation on transactions and profits.
  • According to Business Today, the Indian Ministry of Finance and the Reserve Bank of India (RBI) are currently busy “refining the conceptual framework and necessary regulations”.
  • In June, citing industry sources, The New Indian Express reported that the government tended to classify Bitcoin as an asset class and that the Securities and Exchange Board of India (SEBI) would regulate the cryptocurrency sector.

Read more: India may have quietly shown its hand on crypto regulation

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