With India and other G2O countries deciding to adopt the crypto roadmap drawn up with suggestions from global financial bodies, one would have thought that the deployment of these laws was very close. However, this is not so. A senior government official recently claimed that a Web3-specific crypto bill can be expected in India around mid-2025. This means that it could take up to eighteen months for India to get a final set of laws for Web3 firms to follow.
This information was revealed by Jayant Sinha during the India Blockchain Week held in Bengaluru. As the Chairman of the Standing Committee on Finance in the Parliament of India, Shah is an MP from the ruling Bharatiya Janata Party (BJP).
“Regulators and policy makers are responsible, not only on the innovation side, which we certainly want to encourage, but also on the safety side. We really have to find that balance and that balance is going to evolve over the next 12 to 18 months,” Coindesk quoted As Sinha is saying.
The Parliament official said the government is taking calculated steps towards associating with Web3 as it is still keen to see use cases of related technologies that can empower the nation.
“Global standards are still evolving and 2024 is a year of elections across the world. Many important countries, be it America, Britain, India, are going to the elections. So, I’m not sure the standards will evolve in 2024. We also have to see what is going to come out of the (crypto) recession whether some of these companies will survive,” Sinha said.
This update from a government official comes just days after Indian Finance Minister Nirmala Sitharaman gave a soft update on what’s next for Web3 in India.
In her update, Sitharaman said that all countries that are part of the G20 group can adapt laws based on the crypto roadmap decided and deploy these regulations that support responsible fintechs as well as global Focus on monitoring and monitoring stablecoin systems (GSCs). innovation.
“Given the momentum that the issue of crypto assets has gained at the G20, if anything is emerging, we will know at that time as we move forward to the Brazilian presidency. “For now, the content of the roadmap is what we have to act on.”
Meanwhile, the government has directed all Web3 firms operating in the country to register with the Financial Intelligence Unit and report any suspicious crypto transactions to the authorities under the country’s anti-money laundering law. India imposes a 30 percent tax on crypto income as well as a one percent tax on each crypto transaction processed to maintain traces of these otherwise largely anonymous money transfers.
Despite legal clarity regarding crypto, India tops the list of 154 countries in terms of fastest adoption of cryptocurrencies at the grassroots level. Nigeria and Thailand were also named among the countries with rapid crypto adoption in a report compiled by Chainalysis in September.
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