India's winter session ends without the long-awaited Crypto bill

The Indian Winter Conference, which started on November 29, has ended on December 23. However, the long-awaited Indian Crypto Bill did not get a second discussion.

Crypto platforms in India have been operating under unclear regulations for some time, and this is not the first time Indian society has expected a clear bill.

Previously, the Crypto Bill was expected to be announced during the budget session, and was later revised to the Official Crypto Bill 2021.

Currently, the Official Crypto Bill 2021 has been removed from the agenda of the Indian Winter Conference. Media reports suggest the bill is expected to be introduced next year.

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According to relevant regulations, five Indian states will hold parliamentary elections in 2022, and sources pointed out that the government does not want to "rush" to pass the Crypto bill. It has been speculated that the government will enact a Crypto regulation in line with the “global framework” after the state elections.

In this regard, Siddharth Sogani, founder and CEO of CREBACO, believes, "I believe it will take more than three years for a proper set of regulations to be developed."

In an interview with AMBCrypto, he pointed out that India has great potential, a young and large population, employment and investment make India a positive market.

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Furthermore, Siddharth Sogan noted, “If properly regulated, India has a bigger opportunity in the Crypto space than any other country in the world.”

Last time, Finance Minister Nirmala Sitharman, when delaying Crypto creation, said that the proposed rules are still awaiting the Cabinet’s signature and are being finalized.

Rameesh Kailasam, CEO of the Indian Technology Consulting Agency, said that India may not propose a separate Crypto bill at all.

Instead, the government may make changes to existing laws to incorporate new asset classes, however this may ignore controls over XI money and international transfers.

Kailasam pointed out that "if the drafting of a separate law requires a process such as drafting, approval by the Law Department, cabinet note, entry into Parliament, debate and passage in both houses, the President's consent, etc., the bill can only be formed.

It requires corresponding amendments to all relevant laws and regulations. So, ideally, start working on this at the budget meeting. "