Crypto regulation evolving in India – The state has placed the month of May 2022 under the crypto sign. In fact, at the beginning of the month, the Ministry of Electronics and Information Technology published new directions. The latter requires a crypto exchange in India to store various data about its users for 5 years. At the end of the month, the Indian government announced that it was close to finalizing consulting documents relating to cryptocurrencies.
India completes consultation on digital assets
On 30 May 2022, India’s Minister of Foreign Affairs for Economic Affairs, Ajay Sethhis Fast about the government’s progress in building crypto policy and regulation in India. Thus, government officials said that “ consultation document is almost ready ».
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In addition, Ajay Seth pointed out that these consultations were carried out taking into account the opinions of Indian and international organizations:
“We conducted extensive consultations not only with national and institutional stakeholders, but also with organizations such as the International Monetary Fund (IMF) and the World Bank. (…) Simultaneously, we are also starting our work to find some kind of global regulation and determine what role India can play. »
Thus, the Secretary of State spoke of the need for a global consensus around cryptocurrency regulation. Moreover, he firmly believes that all countries should participate to reach this consensus.
Finally, by refocusing his speech on India, he ensured that his country’s policies pay attention to the rules applied in other countries. Therefore, it is a question to follow the example before establishing its own policy regarding digital assets.
In addition, in early May 2022, famous Binance exchange announced the launch of an education initiative in India. Their main aim is to educate Indian investors about the digital asset ecosystem.
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