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India Developing 5-Point Crypto Legislation Instead of Imposing Ban

India Developing 5-Point Crypto Legislation Instead of Imposing Ban

Indian crypto platforms have the potential to achieve a similar status as authorized dealers, similar to banks, under the guidelines of the Reserve Bank of India (RBI). The Indian government is currently working on a five-point crypto legislative framework with a global approach, based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The IMF-FSB recommendations call for regulating the crypto market rather than implementing a blanket ban. The five-point framework being developed by the Indian government includes setting up advanced Know Your Customer (KYC) procedures for crypto companies, requiring crypto platforms to release real-time Proof-of-reserve audits to regulators, implementing a uniform taxation policy, granting authorized dealer status to crypto exchanges, and potentially mandating key positions such as Money Laundering Reporting Officer (MLRO) for crypto platforms. The Indian government has recognized that banning crypto is not a viable solution and believes that regulations are necessary to reduce risks and promote growth in the industry. Prime Minister Narendra Modi has called for a global approach to crypto regulations, and the Finance Ministry has confirmed that they will be formulating regulations based on the IMF-FSB recommendations in the coming months. While India currently does not have specific crypto regulations in place, the assurance from the Finance Ministry is seen as a positive sign for the crypto industry in the country.

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