{"id":85088,"date":"2024-07-25T08:39:25","date_gmt":"2024-07-25T12:39:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=85088"},"modified":"2024-07-25T08:40:18","modified_gmt":"2024-07-25T12:40:18","slug":"rbi-and-sebi-to-release-india-crypto-policy-paper-in-q3","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/rbi-and-sebi-to-release-india-crypto-policy-paper-in-q3\/","title":{"rendered":"RBI and SEBI to Release India Crypto Policy Paper in Q3"},"content":{"rendered":"\n

India's financial regulators are working on cryptocurrency policy, with a discussion paper coming in Q3 2024, indicating a possible shift in India's crypto approach<\/a>.<\/p>\n\n\n\n

\"RBI<\/figure>\n\n\n\n

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have joined an inter-ministerial committee that is responsible for the development of a comprehensive crypto policy.<\/p>\n\n\n\n

This collaboration represents a potential turning point in their stance on cryptocurrencies, as a discussion paper\u00a0that outlines the government's stance is anticipated to be released in the third quarter of 2024.<\/p>\n\n\n\n

India Crypto Policy Development & Regulatory Collaboration<\/h2>\n\n\n\n

India's financial regulators, RBI and SEBI, are collaborating with other government entities to develop the India crypto policy.<\/p>\n\n\n\n

In an interview, Economic Affairs Secretary Ajay Seth disclosed that a discussion paper outlining their viewpoint on cryptocurrencies is anticipated to be released before September 2024.<\/p>\n\n\n\n

The objective of the paper is to collect feedback from stakeholders regarding potential regulations for India's crypto policy.<\/p>\n\n\n\n

Seth clarified that the current regulatory approach, which was expanded to include crypto assets and intermediaries in March 2023, is exclusively focused on anti-money laundering <\/a>(AML) and counter-terror financing (CTF) provisions.<\/p>\n\n\n\n

The RBI and SEBI\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> are currently engaged in the development of a more comprehensive policy framework as part of an inter-ministerial group.<\/p>\n\n\n\n

This development is a result of their G20 presidency in 2023, during which member countries approved the guidelines established by the Financial Stability Board (FSB) and the International Monetary Fund (IMF).<\/p>\n\n\n\n

The discussion paper will cover significant policy and regulatory issues.<\/p>\n\n\n\n

It comes amid conflicting views within Indian authorities, with SEBI reportedly open to allowing private virtual asset trading, while the RBI maintains concerns about macroeconomic risks.<\/p>\n\n\n\n

Following the Supreme Court's 2020 decision to invalidate the RBI's 2018 ban on crypto-related\u00a0financial services, this initiative represents a significant stride in their cryptocurrencies approach.<\/p>\n\n\n\n

The government's position has changed since 2021, when a bill was drafted that proposed a ban on private cryptocurrencies; however, it was never introduced.<\/p>\n\n\n\n

The upcoming discussion paper is expected to be consistent with the G20-endorsed IMF-FSB framework, which advises against sweeping bans on crypto activity.<\/p>\n\n\n\n

This development indicates their shift toward a more nuanced and potentially inclusive approach to cryptocurrency regulation.<\/p>\n\n\n\n

Divergent Regulatory Views and Market Impact<\/h2>\n\n\n\n

SEBI has expressed a willingness to allow private virtual asset trading and has recommended that multiple regulators oversee crypto trading nationwide in May.<\/p>\n\n\n\n

This stance is in contrast to the RBI's historically tighter control over cryptocurrencies and its ongoing concerns about macroeconomic risks.<\/p>\n\n\n\n

However, SEBI's recommendation has gained support among crypto industry participants, possibly indicating a more inclusive approach to cryptocurrency regulation.<\/p>\n\n\n\n

The market is anticipating this development, as it suggests a potential SHIFT from the RBI's long-standing restrictive posture on cryptocurrencies.<\/p>\n\n\n\n

The upcoming discussion paper and policy framework are expected to bridge these divergent opinions and develop a balanced approach to cryptocurrency regulation in the country.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

India’s financial regulators are working on cryptocurrency policy, with a discussion paper coming in Q3 2024, indicating a possible shift in India’s crypto approach. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have joined an inter-ministerial committee that is responsible for the development of a comprehensive crypto policy. […]<\/p>\n","protected":false},"author":56,"featured_media":85090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5876,320,20837,2014],"class_list":["post-85088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-sebi","tag-india","tag-india-crypto-policy","tag-rbi"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/RBI-and-SEBI-to-Release-India-Crypto-Policy-Paper-in-Q3.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=85088"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/85090"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=85088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=85088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=85088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}