The Bharat Web3 Association (BWA) has emphasized the need for a comprehensive regulatory framework for the crypto and web3 industry in India.
This declaration came as part of the association’s response to recent comments by a top official in the country’s Ministry of Finance about the Ministry’s plans not to introduce new legislation to regulate the sector.
In a statement provided to DeFi Planet, Dilip Chenoy, Chairman of the BWA, expressed the organization’s commitment to collaborating with the Indian government and regulators to develop policies that foster innovation and protect consumers in the Web3 and Virtual Digital Assets (VDA) sectors.
The chairman praised India’s leadership during its G20 Presidency last year to build a consensus on crypto assets policy and adopt a uniform regulatory framework among member nations. However, he urged the government to take a leading role in crafting a comprehensive regulatory regime for Web3 and the crypto sector. He noted that several G20 countries, including emerging markets and developing economies, have already established regulatory clarity for the industry.
Meanwhile, Chenoy noted the BWA welcomes the announcement by the Department of Economic Affairs Secretary about an upcoming discussion paper on VDA policy and plans to offer detailed policy inputs during the public consultation phase.
“We continue to work with FIU-IND on strengthening the AML/CFT framework for VDA Service Providers and with the Ministry of Finance on rationalizing the tax regime for VDAs,”
the statement read.
Notably, Minister Pankaj Chaudhary’s comments came as part of a written response to a request by the Indian Parliament’s lower house on the Ministry of Finance’s stance on crypto regulations in the country. Chaudhary clarified that the Ministry believes the Financial Intelligence Unit (FIU) and the country’s law enforcement agencies hold the legislative authority to oversee and address illicit activities in the sector.
READ MORE: Finance Minister Says India Has No Plans for New Crypto Laws
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