An official of the Ministry of Finance of India: The crypto regulatory framework is expected to be introduced in February next year and will not wholly ban cryptocurrencieses

According to reliable sources, the legal framework for regulating and governing the Indian cryptocurrency investment market may come out in February next year. Officials of the Indian Ministry of Finance said that a law on cryptocurrencies is likely to be introduced before the next fiscal budget is issued. The proposed framework may deviate from the earlier proposal to completely ban cryptocurrencies. On the contrary, the Indian government may choose to regulate cryptocurrency as an “asset” category, similar to a commodity in a way, and impose appropriate taxation on transactions and proceeds. However, another official added that officials from the Indian Ministry of Finance and the Reserve Bank of India (RBI) are still fine-tuning the conceptual framework and necessary regulations.