The Indian government is reportedly planning to introduce cryptocurrency regulation by the time of the next general Budget, which is in February next year. Instead of banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports.
Indian Crypto Law Could Comes as Early as February
The Indian government is planning to introduce cryptocurrency regulation in February next year, local news outlet Business Today reported, elaborating:
Finance Ministry officials have told Business Today Television that a law for cryptocurrencies would most likely come around by the time of the next general Budget.
The Budget 2022-23 is expected to be presented on Feb. 1 during the first half of the parliament’s Budget session, which usually begins in the last week of January.
Furthermore, the government is likely to regulate cryptocurrencies as an asset class, similar to how commodities are regulated, with appropriate taxation on transactions and gains, the news outlet conveyed….