Indian Crypto Regulation Ready by September: Official

The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India.

Regulation Expected by September

The Indian government has reportedly finished drafting the regulatory framework for cryptocurrencies. The New Indian Express wrote on Saturday that the government is “likely to issue guidelines on cryptocurrency by September.”

The draft is ready and consultation is on with all the stakeholders…before coming up with the final paper. We expect it to be ready by September.

Supreme Court Hearing Also in September

Many industry participants have petitioned against the ban. The IAMAI successfully convinced the supreme court to hear its petition on July 3. However, the court did not grant a stay and the ban went into effect on July 5. Banks subsequently closed the accounts of most crypto exchanges.

The supreme court was supposed to hear all of the petitions relating to crypto on July 20. However, since some government bodies such as SEBI have not provided a response, the news outlet noted:

A three-judge bench headed by Chief Justice Dipak Misra acceded to the request made by the petitioners and the matter has been listed for final disposal on September 11.

Check this out
https://news.bitcoin.com/indian-crypto-regulation-september/

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