Crypto bill draft reaches the PMO; but debut likely only in the Budget session

While $10 billion dollars worth of crypto trading still awaits regulatory clarity from the Indian Govt there seems to be movement on the much awaited crypto bill. Reports indicate that a draft bill has been prepared and been sent to PM Modi's office but is unlikely to be ready for presentation this winter session.

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As per reports the current crypto draft bill includes creating a broad framework around crypto assets that would give them a legal credence in India without going into the details of sub categorising the crypto assets.

This however may aid more confusion than clarity. Experts say the law will have to address a host of regulatory issues starting from definition of the asset class, and who will regulate it, as this will have income tax and GST implications.

Cryptocurrency exchanges has reportedly earlier this year communicated to the government that market regulator Securities and Exchange Board of India (Sebi) is more suited to regulate the space than the Reserve Bank of India (RBI). Exchanges reasoned that cryptocurrency assets, such as Bitcoin and Ethereum, are closer to commodities than currencies.