Report on Indian Crypto Regulation In Final Stages Says Official

Asia Cryptocurrency India Regulations

Although the DEA has confirmed its crypto regulation report is nearly ready, uncertainty remains about the Indian government’s willingness to regulate crypto.

The Indian government has nearly finished formulating its regulatory guidelines on cryptocurrencies, according to an official from the Department of Economic Affairs (DEA).

The response from the DEA emerged following a Right to Information (RTI) request filed by Coin Crunch India on December 13, 2018, asking whether the panel on cryptocurrency has recommended a ban on bitcoin and if they have submitted the report to the Ministry of Finance.

“The report of the Committee is in the finalisation stage, hence, prohibited under section 8(3) of RTI Act, 2005,” said the DEA.

The Coin Crunch report clarified that “Section 8 of the RTI act allows an entity to withhold the data in certain circumstances,” adding that, “since the report is in deliberation stage, they can withhold the information. They will likely make the decisions public eventually”.

The Indian government set up a panel in December 2017, headed by DEA Secretary Subhash Chandra Garg, to examine a framework for regulating cryptocurrencies. Other members of the panel include Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi and Reserve Bank of India (RBI) Deputy Governor BP Kanungo.

As yet, no formal declaration by the Indian government on the legalisation of cryptocurrencies has been made and the DEA response does little to clarify whether it is planning to regulate them or not.

At present, however, cryptocurrencies remain legal in India and it appears that India’s regulators may be hesitant to enact crypto regulations, as a recent statement from the Ministry of Finance explained:

“In absence of a globally acceptable solution and the need to devise [a] technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction