Crypto regulation advances in India – The country has placed the month of May 2022 under the sign of crypto. In fact, at the beginning of the month, the Ministry of Electronics and Information Technology published a new directive. The latter requires crypto exchanges in India to keep various data on their users for 5 years. At the end of the month, the Indian government announced that it had almost completed a consultation document relating to cryptocurrencies.
India finalizes consultation on digital assets
On May 30, 2022, Indian Secretary of State for Economic Affairs, Ajay Sethspoke about the state of progress of the government in establishing the crypto policy and regulation in India. Thus, the government official said that the “ consultation document is almost ready ».
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In addition, Ajay Seth indicated that this consultation was carried out taking into account the opinion of Indian and international organizations:
“We conducted extensive consultation 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 beginning 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 the regulation of cryptocurrencies. Moreover, he is firmly convinced that all countries must participate in order to reach this consensus.
Finally, by refocusing his speech on India, he ensured that his country’s policy take into account the regulations applied in other countries. It is therefore a question of following the example before establishing its own policy relating to digital assets.
In addition, at the beginning of May 2022, the famous Binance exchange announced the launch of educational initiatives in India. Their main goal is to educate Indian investors about the digital asset ecosystem.
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