India to Release Crypto Policy Discussion Paper Before September: DEA Secretary

• India plans to release a discussion paper on its cryptocurrency policy before September, aiming to gather feedback from stakeholders on regulatory ideas.
• Economic Affairs Secretary Ajay Seth emphasized that current crypto regulations in India focus on anti-money laundering (AML) and counter-terror financing (CTF) measures.
• The discussion paper will explore whether the regulatory remit should be expanded and will include input from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi).
• The move follows the G20's endorsement of guidelines from the IMF and FSB, which caution against a blanket ban on crypto activities.
• India's previous attempts to regulate cryptocurrencies have faced challenges, including a Supreme Court ruling that overturned a 2018 ban on crypto dealings by financial intermediaries.

Source: Moneycontrol