The Union government has been working on a consultation paper for crypto assets and is nearing completion, according to the Secretary of Department of Economic Affairs Ajay Seth. He informed reporters that the consultation paper is “fairly ready” and called it a “deep dive”, but stopped short of divulging when the paper will be out. Why it matters: A consultation paper on crypto assets will reveal the government's position on crypto assets and how it intends to regulate them. It also suggests that a law might still be at least a few months away from promulgation. When will it be released: Although Seth did not state when the paper will be out, the government intends to release the paper in August this year, according to a report in Economic Times. It is important to note that this means a law on regulation of crypto will take time as legislators will look to incorporate the feedback on consultaiton paper into the draft of the law. Seth also confirmed that law will take time because India is waiting for an international framework on crypto assets, ET reported. Who were consulted: Seth suggested that the government consulted many “domestic and institutional stakeholders”. But it did not stop at these stakeholders as organisations like the World Bank and International Monetary Fund were also approached for input. What else did Seth reveal: The government is also looking to forge global consensus on regulations around crypto and has begun work towards the same, Seth informed reporters.…
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