India Likely to Regulate Crypto, Not Ban It, in Upcoming Budget: Report

The government is likely to opt for regulating cryptocurrencies as an asset class, similar to commodities, with appropriate taxation of transactions and gains.

AccessTimeIconOct 28, 2021 at 8:35 p.m. UTC
Updated May 11, 2023 at 3:39 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Indian government is likely to regulate cryptocurrencies in its upcoming budget in February, moving away from its earlier approach of seeking to impose an outright ban, according to a Business Today report.

  • A law covering cryptocurrencies will most likely be discussed in the country’s next general budget, the report said, citing Indian Finance Ministry officials.
  • The government is likely to opt for regulating cryptocurrencies as an asset class, similar to commodities, with appropriate taxation of transactions and gains.
  • India’s Finance Ministry and the Reserve Bank of India (RBI) officials are currently engaged in “fine-tuning the conceptual framework and the necessary regulations,” according to Business Today.
  • In June, the New Indian Express reported the government was leaning towards classifying bitcoin as an asset class, citing industry sources, and that the Securities and Exchange Board of India (SEBI) would regulate the cryptocurrency sector.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about