- Jayant Sinha was speaking at the India Blockchain Week in Bengaluru.
- As per Sinha, it is very unlikely that parliament will soon approve a crypto-specific bill.
A senior Indian politician in charge of the country’s financial development has said that the country is not expected to introduce a crypto or Web3-specific legislative measure until at least the middle of 2025.
Chair of the Standing Committee on Finance Jayant Sinha was speaking at the India Blockchain Week in Bengaluru when asked when the country can expect a Web3-specific law. Sinha is a member of the governing Bharatiya Janata Party (BJP) and a minister of Parliament.
Sinha stated:
“Regulators and policymakers are responsible, not just on the innovation side, which of course we want to encourage, but also on the safety side. We have to really find that balance and that balance is going to evolve over the next 12 to 18 months.”
Absence of Domestic Regulation
As per Sinha, given the following three factors, it is very unlikely that parliament will soon approve a crypto-specific bill: the evolving nature of the space’s use cases, the development of global standards, and the current state of the industry overall.
The year 2024 brings with it the upcoming elections in India, the United States, and maybe the United Kingdom, as well as the realization that the sector will evolve in the wake of the FTX collapse and recent regulatory proceedings against Binance.
India’s stance on cryptocurrency was under further scrutiny after September 2023, when, as G20 president, it advocated for the adoption of global crypto standards in the absence of domestic regulation.
Since 2021, India has had a cryptocurrency law in cold storage, but the country has hinted that it would decide in the next few months. But according to Sinha’s comments, such a stance is not going to materialize into a law anytime soon.
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