Kolkata: The days of ambiguity over crypto assets could finally end in India with reports suggesting that a discussion paper could be floated in June that could provide an idea of an emerging policy framework of this asset class. There are indications that the discussion paper could draw elements from the synthesis paper prepared by the International Monetary Fund and the Financial Stability Board. Needless to say, the paper will be circulated to pave the way for an extensive stakeholder discussion.

India’s position on cryptocurrency is at best ambiguous. In the FY23 budget, finance minister Nirmala Sitharaman announced that the government will levy 30% tax on any capital gains in virtual digital assets. But it was also simultaneously made clear that the revenue measure did not automatically grant legal validity to the world of cryptocurrency. The government has also instructed the crypto exchanges working in India to........

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